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Updated about 2 years ago,
HOW TO CALCULATE EXPENSES ON A DUPLEX ?
HI FIRST OF ALL, I AM NEW HERE AND I AM SO EXCITED TO BE HERE. SECOND I JUST BOUGHT MY FIRST HOUSE. ITS A DUPLEX IN NYC.
MY QUESTION IS HOW TO CALCULATE EXPENSES ON A DUPLEX WHEN I LIVE IN ONE HALF OF THE PROPERTY AND THE OTHER HALF IS RENTED?
SOME OF THE EXPENSES ARE TOGETHER IN ONE BILL LIKE SUCH HEATING, ELECTRICITY, INSURANCE, WATER, ETC.
DO I TAKE WHATEVER AMOUNT IT IS AND SPLIT IT IN HALF. OR PUT THE WHOLE AMOUNT AND PUT IT IN THE RENTAL UNIT TO TAKE ADVANTAGE OF THE TAX CODE?
SOMEONE PLEASE HELP. THANK YOU.