What percent of my rent is deductible?
Bryan • Multi professional
If you have a regular and dedicated place at your home for your freelancing work then you can claim a portion of Rent, Utilities, House repairs and maintenance, Home insurance etc. as a home office deduction. For example, if your work area is 200 sq ft and the house area is 2000 sq ft, then you’d be able to deduct up to 10% of the Rent, Utilities, House repairs and maintenance, home insurance etc. An individual who lives in one state but works in another may have tax liability in both states but typically will receive a tax credit in their state of residence to eliminate double taxation of that income. If you were a full-year or part-year resident of New York State and you had income sourced to and taxed by another state you may claim a nonrefundable resident credit against your New York State tax. Please book the CPA call for filing your 2021 tax returns in the FlyFin App.
Dixon is one of the best tax experts from the United States. He has an experience of 28 years in the field of corporate finance. Before FlyFin, Dixon had served as the Tax Head at KPMG, NJ.