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Updated almost 3 years ago,
Duplex House Hack Tax Write-Offs
So my Fiancé and I just had our offer accepted on a Multifamily Unit we plan to BRRRR and house hack in New Hampshire. We are going to rehab the whole house and then move into one unit and rent out the other. I am curious what kinds of tax write-offs we can get for this and more importantly how would we separate the write-offs? For example, If I wanted to write off the rehab costs would I be claiming the rehab for the unit that is going to be rented out differently than I would claim the expenses for renovating the unit we plan on occupying? Do any of these write-offs have special terms along the lines of us having to live in the house for at least a year etc...? We appreciate any and all advice!!