Is rent taxable

Yes - for the landlord, it's income.

Yes, it is, it is a business, but many costs of the home, is also deductible.

Just to be sure you recieve the answer you're looking for:

Rental income is taxable as business income, as noted by the earlier responses. The landlord reports the rental income and deducts business expenses and depreciation on his/her income tax.

Rental payments are not tax-deductible by the renter (unless it's a business expense). And in most states rental payments do not incur sales tax, though there are exceptions (Florida, for instance).

Quote:

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Originally Posted by ebaines

Just to be sure you recieve the answer you're looking for:

Rental income is taxable as business income, as noted by the earlier responses. The landlord reports the rental income and deducts business expenses and depreciation on his/her income tax.

Rental payments are not tax-deductible by the renter (unless it's a business expense). And in most states rental payments do not incur sales tax, though there are exceptions (Florida, for instance).

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Good answer. The question was phrased so badly that it was unclear what the OP wanted to know.

And, as I have noted here before, that's one problem with the English language. The word "rent" is ambiguous; it can be a noun or a verb, and (as a noun) income to the landlord or expense to the tenant.