Are Rent Payments Tax Deductible in Michigan?

Answer While tenants cannot typically deduct rent payments, renters in Michigan have a few potential avenues by which they may be able to take a limited deduction or credit for rent paid to a landlord. No... Read More »

Top Q&A For: Are Rent Payments Tax Deductible in Michigan

Are Alimony Payments Tax Deductible?

Alimony payments are deductible from taxes. Alimony payments are only deductible on Form 1040 Line 31a; they are not deductible on Form 1040A or Form 1040-EZ. The alimony must be from a divorce or ... Read More »

Are bankruptcy payments tax-deductible?

According to bankruptcy attorneys Allmand and Lee, if you are making Chapter 13 bankruptcy payments, you can take the same tax deductions you would have outside of bankruptcy. These include mortgag... Read More »

Are Lease Payments Tax Deductible?

Because lease payments typically constitute one of the most significant expenses for renters, it's not surprising that renters would like to find a way to deduct these payments from their taxes. Th... Read More »

Are IRS tax penalty payments deductible?

Congress has determined that funds spent to satisfy IRS tax penalties do not qualify as tax-deductible expenses. Penalties are assessed when payments arrive late, stated deductions are denied or in... Read More »