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Updated about 7 years ago,

Account Closed
  • Rutherford, NJ
4
Votes |
15
Posts

Taxes on unique house hack rehab

Account Closed
  • Rutherford, NJ
Posted

I am doing a house hack on a SFH where I have claimed legal domicile for many years. There are already renters in place -- family. My mortgage is for a primary residence and not commercial or rental. The house needs some major rehabbing, to include a new leach field, new windows, new bathrooms and other incidentals to which I will apply about $15K to start. I understand I can live in the house as a primary resident and also collect rent as a landlord, essentially house hacking but in a SFH situation. I am wondering how the depreciation schedule will work with respect to it being partially a rental. Can I depreciate the repair expenses even though I'm the primary homeowner/resident? Maybe I can do it as a percentage. Can the expenses be cost segregated/accelerated or would they go toward the straight-line depreciation? Most of the expenses if not all would be on the shared part of the house.

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