You’re supposed to receive a receipt fo♓r everything you purchase, but do you get a receipt for what might be your largest monthly expense? If you’re renting, you might be paying tens of thousands of dollars annually without having actual proof that you paid anything at all. There are plenty of reasons why you should request a receipt for every rent payment.

Receipts Avoid Future Headaches

Some financial advice is univer🌼sal. Whether it’s a rent payment, a high-dollar purchase, or you bought something from a friend, you should always ask for a receipt. If problems arise later, your proof of purchase could be your financial lifeline. If the matter goes to co🎶urt, the judge will ask for some form of receipt.

You might rent from an individual or from a large property management company with headquarters that are hundreds or thousands of miles away. Your rent re🌠ceipt will help you resolve disputes wit🗹h all types of landlords.

Use Receipts for Your Taxes

Your rent payments are probably not deductible on your personal taxes unless you live in a state that provides a tax credit for renters. But if you own a home-based business, a rent receipt is a must. Most likely, the portion of your home that you use solely for business qualifies for a host of deductions requiring proof of your rent. F♏or example, if 10% of your home is used f♍or business purposes, 10% of your annual rent payments likely qualify for a deduction.

Beware, though—deducting rent payments isn’t as straightforward as you might think. Talk to your accountant well in advance of filing your taxes and check the Internal Revenue Service's home office deduction requirements.

Receipts Prove You Paid on Time

Some landlords charge a late fee (which can be as high as 10%), plus a daily rate or even more if your rent payment is late. If you tend to pay on the date your rent is due—or on the last day of the 澳洲幸运5开奖号码历史查询:grace period—getting a rꦓent receipt is a must to prove that you pa🍃id on time.

Rent Receipts May Be Required by Law

Some states require landlords to provide rent receipts. Contact your state’s housing bureau to see if your state has such a law. If it does, ask for a copy of the statute and forward it to your landlord if they refuse to create a recei♒pt. If you🐻r state doesn’t mandate rent receipts, create a receipt yourself and ask your landlord to sign it when you submit payment.

The Bottom Line

If you rent from a property manager, it’s likely that you can log into your tenant portal to obtain a🐠n electronic receipt. If you rent from an individual or small company, you may have to ask for a month♈ly written receipt.

Avoid making rent payments using cash. Instead, pay by check in order to have a paper trail to go along with your receipt. Spring for a few extra dollars for a money order if you must, b♏ut never plunk down actual dollar bills.

If you have no choice but to pay in cash, it's especially important that you demand a rent receipt each time. It’s the only proof of payment that you have.