It is time to start thinking about taxes. There are many benefits to living in an apartment in Roanoke, VA 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.
As a renter, you often get more for your dollar spent. By renting at Honeywood, 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.