Approaching academic year increases demand from university students.
Source: Unsplash
Author: Redaction
The 2022/2023 academic year is just around the corner, displaced students entering Higher Education are looking for rooms and flats near the area where they will carry out their studies, increasing the demand in university zones.
The aim of students is to avoid daily commuting which requires time and money, it becomes tiring to make daily trips after a day of classes. Looking for a room to rent or a flat is always the best option.
However, when it is necessary to sign the rental contract, students are left with some doubts regarding legalities or even if it is possible to deduct the income tax. In order to be possible to deduct the income tax it is essential that the rental contract mentions that the student is a displaced person.
It is important to remember that after signing the contract the student should request the rent receipts that serve as proof of payment so that they can obtain benefits in the IRS.
In order to declare for IRS it is essential that the subject must be over 25 years old to be considered a displaced student, and also that the location where he intends to find a house is more than 50 km away from his residence.
The Tax Authorities add that "for IRS purposes, the expenses related to renting or subletting a contract in which the student is the tenant, may be deducted as education expenses in accordance with certain conditions".
The contract must state the expenses and charges apart from the rent. Remembering that expenses may or may not be assumed by the landlord, it will have to be a decision taken by agreement between both parties. In the case of rented accommodation for students, it is common for electricity, gas and water to be included in the rent. However, when it is not described in the contract, the law understands that the charges regarding the supply of goods and services are the responsibility of the student.
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