I’m looking on getting my first apartment and wondering if I need to pay tax on rent. I’m in college, and the apartments I’m looking at are right next to the school, so I’d really like to move much closer to college, I live with my parents, an hour away from the school. I need to know if when I pay 525/month rent and about 150 electric, I need to factor in tax to formulate a budget. It’s gonna be close, so tax might be a huge extra burden.
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No, your landlord pays taxes on his earned income for your rent. the electric bill will have all of that included. Make sure heat and hotwater are included or figure that in. You may have to pay oil, gas, or extra electric depending on hoe you apartment is heated.
No, you don’t pay tax on rent. You’re responsible for everything else. Lights, water, phone, internet, insurance. $150 sounds MORE than enough for lights — my average bill is around $90 a month for an all-electric apartment — but I don’t run the AC 24/7 either.