Renting vs owning

[jenboo]

How does renting vs owning your house affect your taxes?

[Thriftylady]

I deduct all the same business expenses now as I did when I owned. I can't deduct the mortgage interest now though, because I don't pay it. That is the biggest thing I have noticed.

[jenboo]

I deduct all the same business expenses now as I did when I owned. I can't deduct the mortgage interest now though, because I don't pay it. That is the biggest thing I have noticed.

Does it make a significant difference?

For me it didn't, I had a pretty low interest payment. I couldn't claim off of my house expenses last year though, because I didn't make enough and you can't show a loss on them.

[TomCopeland]

rent vs. own

How does renting vs owning your house affect your taxes?

You can deduct the time-space % of expenses associated with renting or owning. If you rent, that includes rent, renter's insurance, utilities, repairs and improvements. If you own that includes mortgage interest, real estate taxes, house depreciation, house insurance, utilities, house repairs, home improvement.