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Updated about 8 years ago,
Write-Offs for a live in duplex
Hello everyone!
I recently purchased a duplex and am wondering what I am able to write-off or show as a loss for the renovations and repairs that I have put into the property. I've put a couple thousand into the unit that is rented out of which I'm assuming can all be written off. I've put about 10k into the unit that I am living in, which I am wondering if there is anyway to use that as a tax benefit as the long term use of the property will be as a rental. Lastly I have ~4k going into roof repairs, which my understanding is that exterior and common areas can be written off at 50%, but I am not sure exactly how that works. Any advice, guidance or links to articles related to this is very much appreciated.