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 11 months ago,
Help with owner-occupied duplex tax filing
Hello everyone, I need some help with my taxes. I own an owner-occupied duplex in Philadelphia, and each unit is equally 800 square feet. I want to make sure I'm doing everything right before I submit my taxes.
Here's what I've been doing: I'm allocating 100% of the mortgage interest and half of the property tax as deductible. And the other 50% of the property tax and 50% of the utilities as rental expenses. Does this sound right to you?
One of the Turbotax people told me not to change the numbers on Form 1098. That's why I'm not sure about splitting the property tax. Should I allocate all 100% property tax as deductible (or rental expenses)?
Also, I included the cost of new kitchen appliances as depreciation. Turbotax asked me to put in the amount for Special Depreciation Allowance. How do I figure that out?
I'd really appreciate any help or advice you can give me. Apologize if these questions don't make sense, I just feel like the fact that I live in one unit and rent out the other unit makes things complicated!
Thanks so much!