Have you done your taxes yet? There are many benefits to living in an apartment in Lexington Park, MD but you may not think that tax deductions are one of them. If you rent, you're probably better off taking the standard deduction. There are, however, a few deductions you may be able to claim even if you take the standard deduction.
There are tax credits specific to renters in Maryland. The Renters' Tax Credit Program is a plan that provides property tax credits for renters. It is designed to be similar in principle to the Homeowners' Tax Credit Program.
For example, the Maryland Renters' Tax Credit Program requires that a rental be a taxpayer's primary residence to claim the credit that could be as high as $750. The renter is also required to have lived at Abberly Crest or other rental property for at least six months of the year in which the credit is claimed.
As a renter, you often get more for your dollar spent. By renting at Abberly Crest, you can live in a beautiful community full of apartment amenities and you don’t have to spend money on home maintenance.
There are other potential tax deductions you shouldn't overlook:
- Interest on your student loans.
- Hybrid car deduction.
- Classroom expense deduction. If you worked as a teacher last year and used your own money to buy classroom supplies, you can deduct some of that on your tax return.
Keep in mind too, that if you use your apartment home as a home-based business, you are entitled to deduct expenses for the business use of your apartment. These expenses include your monthly rent, renters insurance, and utilities. A home office deduction is available to you as a renter.