Renters credit in Maine
Varies
Can Renters Get a Tax Break in Maine?
Short answer: Yes: Maine offers the Property Tax Fairness Credit. Refundable credit for renters and homeowners whose rent or property tax is high relative to income, up to $1,000 ($2,000 if 65+, and up to $2,000 for certain joint or head-of-household filers with dependents); claimed on Schedule PTFC/STFC with Form 1040ME. Maine resident; rent paid must exceed 26.67% of total income; income limits vary by filing status and number of dependents (under $102,500 if 65+); married filing separately cannot claim.
Only 15% of rent paid solely for occupancy counts toward the credit; amounts for utilities, heat, or furniture included in rent are excluded. You can claim it even if you owe no Maine income tax. 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 Maine
Varies
Individuals / Personal Taxes
Yes: Maine offers the Property Tax Fairness Credit. Refundable credit for renters and homeowners whose rent or property tax is high relative to income, up to $1,000 ($2,000 if 65+, and up to $2,000 for certain joint or head-of-household filers with dependents); claimed on Schedule PTFC/STFC with Form 1040ME. Maine resident; rent paid must exceed 26.67% of total income; income limits vary by filing status and number of dependents (under $102,500 if 65+); married filing separately cannot claim.
Business justification
Yes: Maine offers the Property Tax Fairness Credit. Refundable credit for renters and homeowners whose rent or property tax is high relative to income, up to $1,000 ($2,000 if 65+, and up to $2,000 for certain joint or head-of-household filers with dependents); claimed on Schedule PTFC/STFC with Form 1040ME. Maine resident; rent paid must exceed 26.67% of total income; income limits vary by filing status and number of dependents (under $102,500 if 65+); married filing separately cannot claim. Only 15% of rent paid solely for occupancy counts toward the credit; amounts for utilities, heat, or furniture included in rent are excluded. You can claim it even if you owe no Maine income tax. 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