Housing Compensation & Rent Deduction

[Jagger]

s About Taxes)/Housing Compensation & Rent Deduction Advertisement Expert: Randall Klein, MBA, EA - 5/24/2011 Hi, I am an on site resident apartment manager who is required to live in the building and be available 24/7 as a part of my employment and for the convenience of the owner. I am given a rent discount as compensation, but still have to pay rent to live there. I remember reading on the IRS website that any rents paid under these circumstances are 100% deductible from my income, but I can't find the publication now. Can you help?

[Gruddyeu]

Monica:

Boy, ya got that one backwardz. The rent DISCOUNT you get is 100% TAXABLE INCOME to you!(It's considered compensation just like $$$).

There is no write-off for personal expenses. Sorry!

Same thing goes for personal meals.

Good Luck!