Federal Write-offs

• No federal write-offs are available for the amount of rent you pay, and home renters cannot get credits or deductions for paying rent. However, if you rent an office or other space out of which you run a business, you might be able to deduct the rent. According to the IRS, the rent is deductible as long as it is for property you use in your trade or business and you do not receive equity in or the title of the property.
  
  

Property Taxes

• You can claim tax benefits for the amount of property taxes you pay on the home you rent. However, to deduct this amount from your taxes, the lease must state that it is you, not the landlord, who is responsible for the property taxes.
  
  

Casualty Loss

• If you are renting a home and that home is burglarized, damaged or destroyed because of a "a sudden, unexpected, or unusual event," you might be able to deduct the amount of casualty losses from your taxes, according to the IRS. For example, if you are renting an apartment and a fire destroys most of your personal property, you might be able to deduct your losses. However, this write-off is available only to those whose losses are not covered by insurance.
  
  

State Write-offs

• A number of states offer either credits or deductions for renters. For example, in Indiana, you can deduct up to $3,000 per year of the rent you pay on your home as long as the place where you paid rent paid Indiana property taxes and the home where you pay rent is your principal residence.