Compared to owning a home, living in an apartment home community is incredibly relaxing and easy. Why do the work yourself when you can rely on a dedicated property and maintenance staff if anything needs fixing? Not to mention, no lawn maintenance or pool care.
Believe it or not, you often get more for your money when renting in an apartment home community. Oftentimes you can rent an apartment for much less than the cost of buying a home, especially if you live in or near a larger city like Richmond, VA.
Getting a big tax break is one of the great advantages of owning a home. But, you can't always rely on getting that tax break. 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, if you rent an apartment, you will always receive some form of tax relief because a large portion of your rent is tax deductible every year.
Now, if you use part of your apartment home for business, you can also deduct expenses for the business use of your home. These expenses include your monthly rent, renters insurance, and utilities. A home office deduction is available for renters as well as homeowners.
There are two basic requirements for your apartment home to qualify as a deduction. The first requirement is “regular and exclusive use” which means you regularly use part of your apartment exclusively for business purposes. If so, you can take a home office deduction for the extra room or space you are using. Secondly, it must be your principal place of business.