How do you get credit on your filing with IRS regarding cost of personal living such as rent and utilities?
I have looked through TurboTax, IRS site, and the search engine. Is there some special terminology I should be using when searching for information on this?
Originally posted 2010-06-06 06:41:12. Republished by Blog Post Promoter
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Comments (6)
Personal expenses such as rent and utilities are not deductible. You have to live somewhere!
Some individuals who have duplicated expenses due to business trips can take a deduction.
That would be covered by taking your filing status standard deduction plus your exemption for yourself. If you qualify for itemized deduction on a schedule A, specifically, rent and utilities are not deductible.
Yes you can get credit for your rent. I am getting back about $700. It is part of Homestead. My tax person did all that for me. That is why I have someone else do my taxes. It pays for itself.
The US income tax paid by individuals is based on the salaries earned, interest & dividend income, capital gains/losses from assets sold etc.
There are no offsets for rent and utilities however homeowners if ITEMIZING DEDUCTIONS on SCHEDULE A often find it beneficial to ITEMIZE their deductions for expenses like mortgage interest, property taxes etc. rather than taking the STANDARD DEDUCTION.
Hope the Above Info Helps!
How about the search term “dream on”? Sorry, but you aren’t going to find it – those expenses aren’t deductible.
No exemption on all sorts of expenses.