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Updated almost 8 years ago on . Most recent reply

Eric Schrader's profile image
Eric Schrader's profile image
Eric Schrader
  • Engineer
  • from Fawn Grove, PA
  • Member since Oct 11, 2015
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Eric Schrader's profile image
Eric Schrader's profile image
Eric Schrader
  • Engineer
  • from Fawn Grove, PA
  • Member since Oct 11, 2015
Connect
Eric Schrader
  • Engineer
  • Fawn Grove, PA
10
Votes |
93
Posts
Tax, SDIRAs & Cost Segregation

House hacking and taxes

Eric Schrader
  • Engineer
  • Fawn Grove, PA
Posted

Hey all.  

Question. If i am renting a portion of my house to a separate party (say a basement) part of the year, what sort of tax benefits can I expect? If report the extra income as income, can i deduct a portion of the RE taxes, insurance, maintenance, etc on my taxes for the year. To make this more formal, would i need to create an LLC or something similar to make it more formal?

As always Thanks for your input. 

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