Have you done your taxes yet? There are many benefits to living in an apartment in Glen Allen, VA, but you may not think that tax deductions are one of them.
As a renter, you often get more for your dollar spent. By renting at The Gardens, you can live in a beautiful community full of apartment amenities. You also get to live near a larger city like Richmond, VA.
Now, let’s talk about tax breaks. As you know, this is one of the advantages of owning a home. But, not always. As a homeowner, if your annual mortgage interest payment and your other deductions aren’t greater than your standard tax deductions, you will not receive any tax benefit from owning a house.
However, you can always qualify for some type of tax deduction as a renter. A large portion of your rent is tax deductible every year. If you rent, you're probably better off taking the standard deduction.
Additionally, if you have a home based business, you can also deduct expenses for the business use of your apartment. These expenses include your monthly rent, renters insurance, and utilities. A home office deduction is available to you as a renter.
There are two basic requirements for the home based business tax deduction. 1. Regular and Exclusive use - which means this part of your apartment is regularly and exclusively used for business 2. This must be your principal place of business.