Establishes a tax deduction for rent payments for primary residences, with specific income limits.
The Tax Relief for Renters Act of 2026 amends the Internal Revenue Code to introduce a deduction for rent payments made for a primary residence. This deduction is available to taxpayers who do not itemize deductions and is capped at $4,000 per year. The deduction is not subject to certain limitations that apply to itemized deductions. Additionally, the deduction is not available to individuals with an adjusted gross income exceeding $125,000 for joint filers or surviving spouses, $85,000 for married filing separately, $80,000 for heads of household, and $75,000 for other individuals.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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