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Daycare and Taxes>Owning vs Renting
jenboo 08:34 AM 03-26-2016
We used to own a home and now we rent. How will this affect my taxes next year?
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kendallina 12:56 PM 03-26-2016
It shouldn't affect it too much, just the obvious stuff. Obviously, you don't have mortgage interest to deduct anymore...

You can still claim a TS% of all of your utilities, gas, electric, etc. You can still claim a % of your household goods-papertowels, toilet paper, etc. You can also claim a portion of your renters insurance.
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jenboo 01:49 PM 03-26-2016
Originally Posted by kendallina:
It shouldn't affect it too much, just the obvious stuff. Obviously, you don't have mortgage interest to deduct anymore...

You can still claim a TS% of all of your utilities, gas, electric, etc. You can still claim a % of your household goods-papertowels, toilet paper, etc. You can also claim a portion of your renters insurance.
Can I claim any portion of rent?
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TomCopeland 03:54 PM 03-26-2016
Originally Posted by jenboo:
Can I claim any portion of rent?
Yes, you can deduct the time-space % of your rent and any utilities and renters insurance, and house repairs on Form 8829.
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Tags:owning a center, owning vs renting, renting
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