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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Is rent tax deductible

Resolved Question:

is rent tax deductible
Submitted: 9 years ago.
Category: Tax
Expert:  MequonCPA replied 9 years ago.

DearCustomer-

Rent is not a deductible expense. Some states provide a renters credit, but Minnesota does not appear to be one of them.

Customer: replied 9 years ago.
Reply to Steve's Post: If I work from home and use a part of my apartment exclusively for business, is any portion of my rent deductible? just want to have this clarified.
Expert:  MequonCPA replied 9 years ago.

DearCustomer-

Are you self employed, or an employee.

Do you have an office available at your employer (if employee)

Customer: replied 9 years ago.
I am self employed, not an employee. i work from my desk inside my studio apartment. i bill my clients by the hour.
Expert:  MequonCPA replied 9 years ago.

DearCustomer-

You will be able to deduct a percentage of your rent and utilities based on the area used exclusively for business use compared to the total square footage of the apartment.

MequonCPA and other Tax Specialists are ready to help you