Skip to main content
April 23, 2020
Question

Imputed rent for homeowners

  • April 23, 2020
  • 1 reply
  • 0 views

I just read an article that said, as a homeowner, I am entitled to deduct the amount of rent I would have paid had I been renting my home, from my income.  Apparently it's called imputed rent.  My home is paid off so I don't get to deduct mortgage interest.  Would I be able to claim this imputed rent?  I've used TurboTax for, well, decades.  Does TT have the ability to help me calculate imputed rent?  If not, should it?

1 reply

Employee
April 24, 2020

The concept you mention actually goes the other way round: the fair market rental value of your owned home is added to your taxable income. The Netherlands does that to their taxpayers as does a few other foreign countries.

 

Such nonsense isn't done here in the U.S.