Portland Renters Enjoy Tax Break

If you currently live in Portland, or are thinking of moving to the Portland area, you may be able to take advantage of a major break in state taxes. Oregon is just one of many states that are offering a renter’s tax deduction. If you select a rental property from among one of the many quality offerings listed by Portland property management firms, you may qualify for this tax break.

The state’s statute allowing the deduction for renters is measured by the amount of rent paid during the previous year. That means to qualify for a deduction this year you will have to have lived in your home or apartment last year. People who move in this year can file for it the following year. The tax deduction applies to Oregon income taxes and to qualify, the renter must meet certain criteria. Income and residency requirements must be met in order to take advantage of this tax deduction. The amount of the deduction will vary.

If you are living in Portland and renting a home or an apartment, you might want to ask your tax preparation professional about taking advantage of this tax deduction. If you’re weighing your options on whether to rent or buy property in the Portland area, you should talk to someone knowledgeable about how to find a property that qualifies for the tax deduction. Asking an apartment manager or a Portland property management firm about the tax deduction should be added to your checklist when you start home/apartment shopping.

Oregon is a beautiful state and Portland can be a great city in which to live. Still, in these tough economic times, a smart renter needs to make sure that he or she is taking full advantage of every opportunity to save money on their taxes. To learn more about how to qualify, you can check out the State of Oregon’s website, or contact a Portland property management specialist.