When Government Got it Right - Tax Deduction for Renters (Representatives, Massachusetts)

[beb0p]

This Democrat (Alan Grayson - FL) is trying to do something right. We need to support this bill - write to your representatives and say he/she better vote in favor of it!

Bill Would Provide Tax Relief to Renters: National Low Income Housing Coalition

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[Mircea]

This bill should die on the table, and tax breaks for homeowners ought to be eliminated.

[Retroit]

Awesome! It's about time people start acknowledging the unfairness of housing discrimination!

[Eeyore1954]

Massachusetts has/had a renters credit on their individual tax form.

Does this bill still let the landlord deduct interest and taxes on their properties?

[pknopp]

Originally Posted by Mircea

This bill should die on the table, and tax breaks for homeowners ought to be eliminated.

It doesn't even make sense. First, to get this out of the way, I agree with you.

I am not a tax professional and I don't even do my own (my wife is a CPA) so maybe I have this wrong.........

To claim this a low income renter would have to file long form? How many would even surpass their standard deductions?

[Livejack]

The bill limits who may benefit from the deduction. Renters would be unable to claim the deduction if their principal residence had an assessed or appraised value of over $1 million for the taxable year or $500,000 in the case of a married individual filing a separate return. Additionally, the bill would prohibit tax filers from being able to deduct rent they paid on their principal residence if they could also claim the mortgage interest deduction or the state and local property tax deduction on the same property.

lol lol lol. This is a nothing bill that does nothing. Give me an example of who would benefit from this.

[Crossfire600]

Originally Posted by beb0p

This Democrat (Alan Grayson - FL) is trying to do something right. We need to support this bill - write to your representatives and say he/she better vote in favor of it!

Bill Would Provide Tax Relief to Renters: National Low Income Housing Coalition

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Just another hand out.

[BigDGeek]

Yeah...as a homeowner I got to deduct around $9k in property taxes and interest payments. If I got to deduct the entire rent that this house would command on the open market, I'd get to deduct over twice that amount, if I'm reading this correctly (i.e. ALL rent is deductible).

[beb0p]

Originally Posted by Eeyore1954

Massachusetts has/had a renters credit on their individual tax form.

Does this bill still let the landlord deduct interest and taxes on their properties?

Yes. This bill doesn't affect that in any way.
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[beb0p]

Originally Posted by Livejack

The bill limits who may benefit from the deduction. Renters would be unable to claim the deduction if their principal residence had an assessed or appraised value of over $1 million for the taxable year or $500,000 in the case of a married individual filing a separate return. Additionally, the bill would prohibit tax filers from being able to deduct rent they paid on their principal residence if they could also claim the mortgage interest deduction or the state and local property tax deduction on the same property.

lol lol lol. This is a nothing bill that does nothing. Give me an example of who would benefit from this.

Are you kidding? Anyone who is renting a house/condo with an accessed value less than $1 million would benefit. If you are renting a house, and that house is assessed by the city as being worth $600,000, your rent would be deductible. It's that simple.
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