Tax deductible rent could soon become reality in New York
Renters may soon be able to deduct payments from federal income taxes if former businesswoman and current U.S. Senate candidate Chele Farley wins the New York race.
“I am looking at real proposals that will make a difference to New Yorkers. And one big one is deducting your rent,” she told FOX Business’ Stuart Varney on Tuesday. “Why is it that only homeowners are allowed to deduct their mortgage and their property taxes? – It’s not fair—it’s not equitable.”
The median gross rent in New York from 2012 to 2016 was $1,294 according to the U.S. Census Bureau. Her proposal is justifiable, she said, because of the notoriously high costs.
“It would make a huge difference,” she said. “There are a million renters in New York City.”
Farley started in the financial services industry in New York. She worked at UBS Capital and Goldman Sachs before joining private-equity firm Mistral Capital International, which specializes in real estate and energy industries.
Her other initiatives include fairer treatment of New York taxpayers, she said.