IRS Offers Deductions for Renters, Too
Even if you don't own your own home, there are still ways to turn tax time into a moneysaving opportunity. Often, renters are students, people who work at home, or parents.
People of all walks of life should consider whether they can take advantage of these tax perks:
- Do you have a home office?
Whether you rent or own, many of your purchases, equipment and utilities may be deductible.
Read up on what to include.
Self-employed?
See the IRS on what to pay.
- Are you a student?
Even if you don't itemize deductions this year, you may be able to subtract up to $1,500 interest on student loans from your 2000 total income. See how.
- Are you a former property owner who sold your home in 2000?
Check out "Tax Breaks for Selling Your Home".
- How much did you earn in 2000?
The Earned Income Tax Credit may apply to you if your income falls within certain limits.
Read how.
And of course, whether you rent or own, you can apply for the Child Tax Credit to cut your 2000 federal income tax by $500 per child under 17.
Get the details.
So, while renters cannot enjoy all of the tax benefits available to homeowners, tenants can share in the American dream of using the federal tax code to increase refunds!
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