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Updated about 5 years ago on . Most recent reply

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tax benefits of buying a $2M dollar home as first time home buyer

Gariner Trinidad
Posted

As a first time home buyer and single, how can i maximize the tax benefits available to me if i decide to buy a 4 unit/multifamily house that is worth $2 million and property tax of about $30,000 per year?

Will like to get ideas and recommendations from the experts and veterans here

thanks

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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

You're literally not understanding the basics. 

In a case where you have 4 units and you live in 1 and rent 3. 

1/4 is your primary and you get the benefits of a primary home 

3/4 are business/rental units and you get benefits related to rental real estate

You potentially get benefits for both- they're just different benefits. Maybe someone else here can break this down into terms you get. 

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Kolodij Tax & Consulting

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