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Updated over 7 years ago,
Tax pros/cons on house hack/owner occupancy
Disclaimer: I understand that I should consult a cpa for specific tax information.
I listened to a podcast a while back (I believe it was Brandon Hall?) Regarding house hacking and taxes.
Im unmarried and have not had any write offs regarding income tax up to this point
Has anyone ever figured out the tax savings as a estimated % of a deal before purchasing? Even if it wasnt an owner occupied property?
Here's what I THINK I know regarding house hacking
- 50% of capital gains on a duplex sold after 2 years on a duplex
- any repairs can only be written off rental side
- depreciation on half?
Some of the questions I have are
- is the interst still deducted the same as if you lived in a single family?
- is gross rents considered income? I'm buying with partner/girlfriend of 6yrs so that may get messy?
-is the tax advantages so minimal that Im wasting brainspace thinking about?
-would there be any reason there would be greater disadvantages than advantges?
Of course I am going to consult a professional however I would like to have a better general knowledge of these things so I am better prepared to ask the right questions and make sure I am meeting with a true proffssional that understands these things
Thanks everyone, Josh