First Investment Property...Tips for tax season

[Jorge Soto]

Hello BP community. I bought my first property in late October. Its a 3 unit in Sacramento California. I have two of them rented and I live in one. My question is what can I write off on my taxes this up coming year? I have made about $5k in repairs to the unit I live in. I have made very little repair to the other two units. Does the fact that I live in one of the unit affect my taxes? I have the property recorded at the county office as a investment property. If that changes anything. I would appreciate any advice or tips from people that have been in a similar situation. Thank you.  

[Dan Vleck]

Congrats.  Others will know more, but I think you can only deduct expenses for the rented units. Also can depreciate 1/3 of capital expenditures for building components, like new roof.  I recommend you get a copy of the NOLO tax deduction guide for landlords.