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Updated over 5 years ago on . Most recent reply
House Hacking Question
Hi BP'ers! New to the network and had a question. I'm exploring a potential house hack in Washington, DC where I live. I'm trying to understand the tax implications of how I would set it up since it would be a single-family home with rooms that I would rent out. I understand that there are significant tax implications associated with what operating expenses you can write off (mortgage interest, taxes, insurance, maintenance/repairs, etc.) and also eventual sale proceeds (121 exclusion v. 1031 exchange), depending on the percentage/square footage you assign to your personal residence versus rental property. A lot of the house hacking articles/blogs I've read frankly do not get into the level of nuance I'm looking for to properly evaluate the %/square footage split question. The best analysis on the subject I've heard is on Brandon Hall's Real Estate CPA podcast (episode #3), but I'd love to dive even deeper. Does anyone have suggestions for good resources on this subject? Or does anyone by chance know a good CPA in the DC-area that has some experience with house hacking situations? Thanks in advance! -Raha
Most Popular Reply
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Well @Brandon Hall is the CPA I mught recommend. He use to actually live here in DC before moving back to NC.
@Natalie Kolodij is anothet real estate based CPA as well.
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192
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