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Updated over 7 years ago,
Rental Room House Hacking Tax Benefits
Hey guys I'm new to the real estate world and I have a question on Tax deductions when it comes to purchasing a single family home and renting out the rooms to tenets in the Baltimore area.
I was looking into personally purchasing a 3 bed/2 bath house in Hampden, Baltimore using seller financing, living in one room and renting the other two out. If I purchase the house using seller financing can I:
A) Deduct the mortgage payment off my taxes?
B) Deduct appreciation off my taxes for my house?
C) Deduct expenses like repairs & cap-ex off my taxes?
Looking forward to the help!
-Mike Bonadies