Most taxpayers assume that homeowners, business owners and non-profits receive the most money back on their tax refunds. But renters also have some options to get the most from their refunds.
1) Did you know some states offer deductions for those who rent? Check your state tax authority to see if you may qualify for a tax credit on your state income taxes.
2) You may also be able to claim a small deduction if you own a small business or work out of your home. (This is available to both homeowners and renters.) For the best advice on whether you may qualify, consult a tax professional.
3) American Recovery and Reinvestment Act allows those of you using public transportation to travel to and from work to claim up to $230 per month to cover your costs.
4) Property tax payments: if your lease requires you to make property tax payments, you can deduct that portion of your rent.
5) If you have been the victim of flood, fire or theft and were not reimbursed by your insurance company, your property losses are allowed to be deducted as well.
