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Originally Posted by NCB
Well, if that's the line of reasoning, should renters be allowed to deduct mortgage intrest from their income taxes? You know, since they're essentially paying the mortgage too
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But what fistf was saying is that the costs are converted into rent. Being that rent can be a deduction, all the other costs are already "vicariously" being deducted via the rent deduction.
Example, in NJ...
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Originally Posted by NJ's state website
Eligible homeowners and tenants who pay property taxes, either directly or through rent, on their principal residence in New Jersey are eligible for either a deduction or a refundable credit on their New Jersey resident income tax return. Homeowners and tenants may be eligible for a deduction or credit even if they are not eligible for the FAIR rebate. Qualified residents may deduct 100% of their property taxes due and paid or $10,000, whichever is less. For tenants, 18% of rent paid during the year is considered property taxes paid. The minimum benefit is a refundable credit of $50.
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Read it for yourself, if you wish.
Oh, and excellent point, fistf.