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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 03-26-2016, 07:34 AM
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Default Owning vs Renting
We used to own a home and now we rent. How will this affect my taxes next year?
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Old 03-26-2016, 11:56 AM
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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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Old 03-26-2016, 12:49 PM
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Originally Posted by kendallina View Post
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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Old 03-26-2016, 02:54 PM
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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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