Since tax filing season is coming up I wanted to share some information that I was completely unaware of until yesterday.
Insurance costs, like private medical insurance, etc, are tax deductible. For those of us that have a whole family insured, it can be a massive deduction.
Still finding out exactly which documents I need to prepare for when I go file, if any.
Posting since I wouldn’t want anyone to miss out on this opportunity
There is a maximum amount of $24k/person, though. Only NHI is deductible without limit.
That’s perfect because we spend just about 24k each. A cool 72,000 dollar deduction
I also heard you can deduct some of your rent from your taxes… Still looking into that
Another aspect to be aware of: The itemized deductions will replace the standard deduction (120k single / 240k married). So the sum of your deductions needs to be more than that to make an effect!
Yeah - that comes up quite often: Up to 120k per year, but most people won’t take it because it’s quite a certain way to lose your apartment if the landlord is not paying taxes themselves (which most of them don’t do…)
Ah, yeah that makes it pointless for us then
Be aware your rent will probably not be tax deductible (租金無法抵稅) : Even though there is a 120,000 NT tax deduction for rental expenses, 95% of individual landlords do not report their rental income to the tax office. Therefore they do not want you to claim your rent as a deduction. If you ask them, they will likely raise your rent to cover their added taxes. I do not recommend reporting your rental expense without their permission.
source:
This should be negotiated with the landlord when you sign the lease
Just file it afterwards. I’m asking my wife to file this one.
They are acting illegally. I never even met my landlord since they use an agent to try to hide the identity.
Negotiations:
Me: I would like to file for my rent deductions in my taxes.
Landlord: No.
More like:
Landlord: Then the rent will be 30% higher.
I negotiated a discount.