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California Renters Credit - How Does It Work?
If you're new to California, you may have heard about California Renter's Credit, but don't know how it works. Even many people who are long-time California residents may not understand or know much about this program. This article intends to explain some of the generalities about this particular tax credit. Simply put, the California Renter's Credit is a non-refundable credit worth sixty dollars (or a hundred and twenty dollars if you're married, filing jointly) that can be applied to your California income tax if you've lived in a rental property for more than half the year. You can only use this credit to offset your tax liability – if you didn't have any liability this year, you will be unable to claim the credit. The qualifications for claiming the nonrefundable California Renter's Credit include the following:
It is possible to receive this credit even if you did not not live in a rented unit for the entirety of the year, so long as you lived there more than six months. People who are receiving money through the Renter Assistance Program are also still eligible to get the California Renters Credit as long as they qualify in all other ways. If you rent a home or apartment in California and don't make a lot of money, this credit can be very helpful. Being able to take any deduction on your taxes decreases the amount that you will have to pay that year. We all want to save money on our taxes. People who rented their homes in California for the past tax year have the option of taking a deduction that will allow them to do just that. Investigate whether or not you will qualify, or talk to your tax preparer if you have one about getting the California Renter's Credit.
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