Renters credit in Montana
Varies
Can Renters Get a Tax Break in Montana?
Short answer: Yes: Montana offers the Elderly Homeowner/Renter Credit. Refundable credit of up to $1,150 for older Montanans where 15% of rent paid counts as property tax, claimed on Schedule 2EC with Form 2. Age 62+ by December 31; lived in Montana at least nine months and rented or owned there at least six months; gross household income under $45,000, with the credit phasing down above $35,000.
You can claim it even if you aren't otherwise required to file a Montana return, and it can be filed for free through the state's TransAction Portal. Only one household member can claim the credit. 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 Montana
Varies
Individuals / Personal Taxes
Yes: Montana offers the Elderly Homeowner/Renter Credit. Refundable credit of up to $1,150 for older Montanans where 15% of rent paid counts as property tax, claimed on Schedule 2EC with Form 2. Age 62+ by December 31; lived in Montana at least nine months and rented or owned there at least six months; gross household income under $45,000, with the credit phasing down above $35,000.
Business justification
Yes: Montana offers the Elderly Homeowner/Renter Credit. Refundable credit of up to $1,150 for older Montanans where 15% of rent paid counts as property tax, claimed on Schedule 2EC with Form 2. Age 62+ by December 31; lived in Montana at least nine months and rented or owned there at least six months; gross household income under $45,000, with the credit phasing down above $35,000. You can claim it even if you aren't otherwise required to file a Montana return, and it can be filed for free through the state's TransAction Portal. Only one household member can claim the credit. 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