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    msumith's Avatar
    msumith Posts: 1, Reputation: 1
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    #1

    Feb 12, 2010, 07:31 AM
    I have a homeloan and I pay rent can I submit for income tax
    I have a home loan where my parents stay and I also pay rent to a house which is near to my office can I claim for tax on home loan and also rent.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 12, 2010, 08:01 AM

    You can take a deduction on your federal income tax for home mortgage interest and real estate taxes paid on your first or second home, but not rent. Note that you must be the owner of the home where you have the mortgage loan.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 12, 2010, 08:12 AM

    Do you occupy the home at least part time? Unless you do, you may not be legally able to claim it. Also if your parents pay rent, you need to include that rent as income.

    As for the apartment. Is the business yours? If so, I would rent it in the name of the business and then deduct it from the business income.
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