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Updated about 3 years ago on . Most recent reply

Jack Dephillipo's profile image
Jack Dephillipo's profile image
Jack Dephillipo
  • from South Florida
  • Member since May 2, 2021
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Jack Dephillipo's profile image
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Jack Dephillipo
  • from South Florida
  • Member since May 2, 2021
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Jack Dephillipo
  • South Florida
1
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Starting Out

Househacking - Tax Suggestions?

Jack Dephillipo
  • South Florida
Posted

Hi all, I will be buying a duplex and living in one side, and renting out the other to cover the mortgage. What type of tax writeoffs can I utilize if I'm getting a 30-year conventional primary loan?  I also plan on renovating both units and possibly rolling the property into an llc down the road. Thanks

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J Zev J.'s profile image
J Zev J.'s profile image
J Zev J.
  • CPA
  • from Colorado Springs, CO
  • Member since Sep 2, 2016
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J Zev J.'s profile image
J Zev J.'s profile image
J Zev J.
  • CPA
  • from Colorado Springs, CO
  • Member since Sep 2, 2016
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J Zev J.
  • CPA
  • Colorado Springs, CO
258
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J Zev J.
  • CPA
  • Colorado Springs, CO
Replied

@Jack Dephillipo - You'll get the normal rental expenses that are allocated to the unit that is being rented. This includes mortgage interest, insurance, repairs, utilities, depreciation, etc.

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