Indiana Home Renters May Be Eligible for Large Tax Deduction
If you pay rent for your Indiana home, you may be eligible to take a tax deduction of up to $3,000. Yes, you read that correctly. Anyone who rents their principle place of residence in Indiana may take a renter’s deduction on their tax filings as long as the rental property is subject to Indiana state property tax. Renters can deduct up to $3,000 or the amount of rent paid, whichever is less. If you, for example, paid $3,500 in rent, you may only claim a deduction of $3,000. Similarly, a person who paid $2,700 in rent costs may only take a renter’s deduction of $2,700. To see if you’re eligible for the renter’s deduction or for more information on the forms needed to file, visit www.in.gov/dor/
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