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Can I offset Rent Paid against Property Rental Income on my Tax Return?
If I have rental income from 2 properties (with 2 mortgages) and at the same time am living in rented accommodation, can I claim the rent I am paying as an expense against income?
7 Answers
- R PLv 77 years ago
No.
You cannot deduct the rent you are paying for your accommodations from your investment property income.
- real estate guyLv 77 years ago
NO!!!!!! the rent you receive is income. the rent you PAY is a living expense and is never deductable.
- GregLv 57 years ago
No. You can only claim expenses for each rental property against that income. Your personal rent cannot be deducted.
- Trivial OneLv 77 years ago
Of course not. You don't get deductions for your own housing expenses. People who simply rent a place to live (without renting out properties they own) don't get a tax deduction for their rent, so why would you?
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- ?Lv 77 years ago
No
Everyone else has to pay taxes on the money they use to pay their rent, why not you?
