Tax Q&A;: Renter’s Credit
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This daily tax season column publishes questions from readers and answers from local members of the California Society of Certified Public Accountants.
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Q: Can I claim a renter’s credit on my state tax form even if I don’t have to pay state tax?
A: The renter’s credit returned this year after a few years’ hiatus, but it is now a nonrefundable credit. Simply put, if your tax is equal to or less than the renter’s credit, your tax may not be reduced below zero and you won’t get any money back from the state. The credit is available to single renters with adjusted gross incomes of $25,000 or less and married renters with incomes of $50,000 or less.
--KAY BOHNET, CPA, Newport Beach
For more information on taxes and to see other questions and answers in this series, go to The Times’ Web site at http://cache.nohib.com./taxes. To find a CPA, visit the California Society of CPAs at https://www.calcpa.org.
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