Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago on . Most recent reply
How to do Taxes for a Househack Duplex?
Hey team, dumb question: Where should I start looking for tax breaks as someone doing a house hack via a duplex? I have my 1098 from my mortgage company, and kept receipts from some big repairs, but I also recall we're able to write off depreciation? Or maybe I'm over complicating it? Since it's my primary residence and not solely an investment property than I can just think of it like that? Thanks in advance!
Most Popular Reply
The deductions have to be proportional to the amount of the property utilized for a rental.Generally speaking, since fifty percent of the square footage of this building is utilized as a rental property, you can write off fifty percent of tax-deductible expenses. Having said that, a CPA would know a lot more than me and can give you personalized advice.