Owning vs Renting

[jenboo]

We used to own a home and now we rent. How will this affect my taxes next year?

[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.

[jenboo]

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?

[TomCopeland]

ent

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.