Renters credit in Indiana
Varies
Can Renters Get a Tax Break in Indiana?
Short answer: Yes: Indiana offers the Renter's Deduction. Deduction of rent paid on your Indiana principal residence, up to $3,000, claimed on Schedule 2 of Form IT-40. Maximum $3,000 per return ($1,500 if married filing separately); no income or age limit; the rental must be subject to Indiana property tax.
Rent on government-owned, nonprofit-owned, student, or cooperative housing doesn't qualify. You must list the landlord's name and address and the rental address on Schedule 2. Rent on your own home isn't deductible on your federal return; the exceptions are a home office used for your business or renting out part of the place you rent.
Records to keep: Keep your lease, rent receipts or a landlord rent certificate, and proof of household income. Check your state's current-year form and deadline before you apply.
Renters credit in Indiana
Varies
Individuals / Personal Taxes
Yes: Indiana offers the Renter's Deduction. Deduction of rent paid on your Indiana principal residence, up to $3,000, claimed on Schedule 2 of Form IT-40. Maximum $3,000 per return ($1,500 if married filing separately); no income or age limit; the rental must be subject to Indiana property tax.
Business justification
Yes: Indiana offers the Renter's Deduction. Deduction of rent paid on your Indiana principal residence, up to $3,000, claimed on Schedule 2 of Form IT-40. Maximum $3,000 per return ($1,500 if married filing separately); no income or age limit; the rental must be subject to Indiana property tax. Rent on government-owned, nonprofit-owned, student, or cooperative housing doesn't qualify. You must list the landlord's name and address and the rental address on Schedule 2. Rent on your own home isn't deductible on your federal return; the exceptions are a home office used for your business or renting out part of the place you rent.
Category
- Personal Tax Deductions