First and foremost, it should be clear that not all renters are eligible for tax deductions. Specifically, if you are a W-2 employee and haven't used the rented premises as a home office or for commercial purposes, you won't qualify for any tax deductions.

However, if you are self-employed or use the residence for business purposes, you may be eligible for tax deductions related to self-employment or property taxes. This includes expenses like rent, electricity, gas heating, insurance, etc., paid for the home office. For these expenses, deductions can be made based on the percentage of office space.

(Getty Images)

Additionally, if your lease agreement includes documentation proving that a portion of the rent you pay is for property taxes on the rental property, you can also apply for property tax deductions.

It's important to note that if your rent is for your primary residence, you cannot claim rent deductions. However, if your home office meets the criteria for home office deductions, meaning it meets the exclusive and regular use tests and is the primary place of business for your business, you can deduct a portion of the rent and other applicable home office expenses on your taxes.

It's worth mentioning that to ensure you get all possible tax deductions, it's best to seek guidance from tax professionals. They can provide personalized advice and tax filing strategies based on your specific situation to ensure you maximize your tax deductions.