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Updated about 7 years ago on . Most recent reply

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17
Posts
5
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Tim Hertz
  • Investor
  • Abilene, KS
5
Votes |
17
Posts

House hack (roomate) tax strategy

Tim Hertz
  • Investor
  • Abilene, KS
Posted

Here's my question......I just got a roommate. He pays $425 plus half the utilities. He rents 2 bedrooms from me and a garage space in my single family home (4 bed/ 2bath). My question is on the best tax strategy for what I am wanting to do both long and short term. Which expenses can I write off now without shooting myself in the foot when I go to sell the place or rent it out? 

I either want to sell the house with no capital gains after two years OR rent out the whole house after a couple years. 

I bought the house for 38k and have about 7k in rehab and hope to sell it around 75k.

Thanks for your reply in advance!

Most Popular Reply

User Stats

1,533
Posts
842
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Anthony Angotti
  • Real Estate Agent
  • Pittsburgh, PA
842
Votes |
1,533
Posts
Anthony Angotti
  • Real Estate Agent
  • Pittsburgh, PA
Replied

@Tim Hertz depends on your life situation IMO what the best strategy is. By write off now do you mean write off as repairs or depreciable items? I like depreciable items if I'm already showing a loss because you carry them through the life of the asset. I would think that the only items that you can really deduct though would be those that the tenant uses and then only a percentage of them based on your personal use. I'm not an accountant though. 

Perhaps @Natalie Kolodij can help. 

  • Anthony Angotti
  • (412) 254-3013
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The Angotti-Gleve Team at DHRE
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