What amount of rent should I get back in taxes?
Sunday, January 3rd, 2010 at
12:29 am
I am a college student and have been paying rent for the last four years. The tax return for this year has me getting less rent back than last year even though I paid more rent this year. How is this possible? I have all the Certificates of Rent paid and I see that they are all multiplied by 19% to come up with a number. Should I not get that much rent back? Seems a bit strange. Can someone help me out?
Quick House Sale
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Tagged with: Certificates • College Student • rent • Tax Return
Filed under: property rent back
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De huur die u betaalt beïnvloedt uw federale inkomensbelastingen niet…
Who geeft u uw huurrug?
Assuming that this is for Minnesota…..
19% of your rent is assumed to be for property taxes.
The amount refunded to you is based on this amount relative to your income for the year.
See:
Cross reference your income with the amount on Line 3 of the CRP. If your income is too high or your rent too low, the amount of the refund may be $0.00.
Note: If someone else claims you as a dependent, you do not qualify for the Property Tax Refund at all regardless of amount of rent or income.