Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 23 days ago, 10/31/2024

User Stats

2
Posts
1
Votes
Jazmin Winsor
1
Votes |
2
Posts

Purchased first home, house hacked and needing tax advice

Jazmin Winsor
Posted

Hi bigger pockets community! My partner and I just purchased a house in Feb and are renting out the majority of the home. We were fortunate to get the ball rolling fairly quickly and only have to fork out 1.5 months of mortgage on our own. 
my partner thinks he can do all the taxes for the home and depreciation on turbo tax, as that’s what he’s been doing forever since he’s a w2 earner. I on the other hand am begging for him to try a cpa since there’s alot of new concepts with maintence vs improvements etc for tax purposes. I’m trying to have him see the bigger picture if he puts money in tax advantage accounts first and strategically uses a tax professional, that he will be able to offset his high tax bracket w2. For reference we are not married and file separately. I do work remotely from the home and was also wondering if I could write off the portion of where I use the space as a office on the same home as he’s claiming without causing any flags on the property address. Like I said this is our first property and it’s a special case since I use the portion of the house (in the bedroom) as my office and we rent out technically 3 bedrooms 2 baths to renters. In the listing, the house is a 3 bd / 2 ba so would we count the area we live in as another bedroom/ living space or would I’d using the bedroom rule for taxes, just say we rent out all the rooms, writing off 100% ? That seems weird to me and would raise red flags for auditors and I want to persue this in the best knowledgeable way possible.  Any references to a cpa or any other type of tax professional in the Solano county area would be greatly appreciated! 

Loading replies...