Tax Deductions for Seattle Apartment Renters
Owning a home comes with the option to deduct mortgage loan interest from your taxes, but if you rent a Seattle apartment, you don’t have this tax benefit available to you. However, there are some tax deductions that are available to you as a renter.
According to Apartments.com, you can actually deduct the cost of repairs and damage to your possessions after a disaster if those possessions weren’t replaced by insurance:
“Did you lose personal belongings in a natural disaster or fire and not get reimbursed through insurance? Then you can deduct the loss that wasn’t covered.”
You can even deduct the cost of property taxes from your income taxes though it’s quite rare that you might pay property taxes as an apartment dweller. It’s worth looking into, however, and all it takes is a quick question to your property owner or management team.
Here are some tax deductions that you may have access to as an apartment dweller.
Do You Work Out of a Home Office?
If you work from home or have a home office, you may be able to deduct a percentage of your rent from your income taxes. As long as you pay rent on your apartment, you can deduct some of that cost from the taxes you pay the federal government.
You can also take off the costs associated with starting a business, as well as any losses you might have sustained as a result of owning and operating that business. If you own a vehicle, you can also take those costs off your taxes when you traveled for work.
Are You in College or Attending School?
If you’re currently attending college, you can deduct some of the costs associated with getting an education from your taxes whether you own a house, rent an apartment, or live with your parents rent-free. Some of those expenses that you may deduct include books for your classes, fees and tuition costs, equipment and supplies for school, and room and board costs.
Hot Pads shares:
“If you’ve already graduated and are paying back student loans you may be eligible for a student loan interest deduction.”
After you begin paying back your student loans, you’ll want to switch from getting a tax deduction on your books and tuition to getting one on your student loan interest. Further, you can even deduct some costs associated with a job hunt from your taxes. The interesting part about deducting such expenses is that your efforts need not have resulted in a job for you to benefit from the deduction.
Some of the costs you may be able to deduct include:
- Costs associated with using the telephone
- Fees to send resumes (like postage and printing)
- Money paid to employment agencies
- Costs for travel to the job site for interviews
One thing to remember about the deductions is that your efforts to find a new job must be for employment in the same industry in which you already work.
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