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Updated almost 8 years ago,
Write offs for an Owner Occupied Duplex
Hi All,
I'm doing taxes for 2016 and we have an owner occupied duplex that we lived in all last year (we bought Aug '15).
Now I know people that are responding probably aren't going to be certified accountants blah blah blah and that's fine. I have a fairly simple question that I can't seem to find an answer to so I thought I'd ask in here :) and I will not in any case hold anyone responsible!
When writing off expenses, I've been reading I can only write off expenses when it comes to the tenant side and not the side we live on. Is this correct?
So stuff like utilities, paint, etc that we purchases for our side that we live on we can't write off? Even though it's technically for the business(our property mgmt business?). We are looking to spruce up the side we live on then move out to rent it. I thought we'd be able to write this stuff off as expenses.
If this is the case it is a major bummer because it's going to look like we owe A LOT to the tax man..