Is it correct that a renter is limited in the amount of expense deduction to the IRS regional rent limit ($834 here), but if you own you can deduct your entire mortgage payment (mine is $1400)as a living expense? I was thinking of giving back my house (not worth near what I recently refi'd it for and etc.) and renting one for the amount of my mortgage to keep my expenses high...but if rental expense is limited that would leave me a huge surplus of income over expenses.
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If you are filing Ch13 you want the least amount of disposable income!
Best of Luck, CatchmeifyoucanJuly 2006: Filed Ch13 :blink:
Oct 2006: Converted to Ch7 :clapping:
Jan 2007: DISCHARGED :clapping:
Nov 2007: CLOSED :yahoo::yahoo::yahoo: -
Our rental was $200 over the limit for our area and I still claimed the actual amount. Some counties/areas are very large and the rent varies greatly. I was in the North Shore of Chicago, in Cook County, which is also the county for tons of housing projects. Rents in my area were double what they ran around there.Comment
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