Taxes - Owner Occupant SF with Renters

[Dominick Alfano]

Good morning/afternoon everybody! Long time lurker, first time discussion starter! I've got a 4br/3fba SF that I purchased using VA Insured loan over a year ago. So 100% owner occupied w/out renters for the 1st year. Starting in November 2014 I had other military friends that were looking to get off-base housing. I thought, "Hey! this could be a good idea" I rented out 3 of my 4 bedrooms and am living in the 4th one myself. I have year long leases/agreements with each of the tenants who occupy the property. I've read on several occasions that you can write off 4% of the total value of the property each year as depreciation in addition to writing off renovations and maintenance. I'm having difficulty determining if I'm entitled to either none, all or at least 3/4 (since i live in 1/4) of the write offs when I file taxes next year.

Any ideas? I'm willing to provide more information if necessary.

[Joe G.]

@Dominick Alfano

Welcome to posting on BP.  I have never been in your situation, however I have read about it and seen it on TV.  I highly recommend this book:

Every Landlord's Tax Deduction Guide

http://www.amazon.com/gp/product/1413321143/ref=pd...

I purchase it every year to ensure I am on top of the latest laws and rules.  I know many hire CPA or experts, I do not have a complex situation and numbers come easy to me.  This book is a great base knowledge start for a low cost.  Easy to read and understand also.