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Updated about 1 year ago on . Most recent reply
Do I live in my rental property or not-tax benefits
Hello all, once again asking for someone to shovel me out of the....I am starting to get things ready for tax season and I was asked "Did you live in any of your rental properties during 2023? If so, which one(s) and for how long?
What are the prod's and cons of living in your multi-unit versus not living in them? Does it make a difference, substially in what you may get back or owe. I have a W-2 job as well.
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
So if it is a rental property and your living in it you can't take 100% of the deductions. I'm not a CPA but I imagine you'll be prorated on the space and duration you occupy of the whole.
Just answer all the Tax preparer questions truthfully and you'll pay just what you owe without worrying about tax evasion.