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Updated almost 7 years ago on . Most recent reply
![Tim Porsche's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/365372/1621446892-avatar-timp13.jpg?twic=v1/output=image/crop=1819x1819@0x0/cover=128x128&v=2)
Tax Deduction Question for Owner Occupied Duplex
Hi All, I'm not sure if this is the right place to ask or not, but if anyone could shed any light on an issue I'm having while doing my tax returns for 2017 I'd greatly appreciate it. So the issue is, I have a duplex I purchased in March of 2017, and I was living in one of the units for the year. The unit I did NOT live in but rented out, I had about $11,000 worth of upgrades and deductions on.
Now the problem is, when I'm doing by taxes with Turbotax, I put in all the $11,000 worth of repair and upgrade deductions, PLUS the interest, property tax, and insurance deductions, but Turbotax is only showing that I have about $4,700 worth of deductions for this property. Does anyone have any idea why that might be? I do have two other rental properties, which are both fully rented out and have been for over a year. For those properties I was able to deduct everything.
Any feedback or insight would be greatly appreciated. Thanks!
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![Bill Hampton's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/122726/1622945744-avatar-execproperty.jpg?twic=v1/output=image/crop=693x693@0x0/cover=128x128&v=2)
- Tax Strategist, Financial Planner and Real Estate Investor
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@Tim Porsche,
I recommend that you hire a professional tax accountant to do your tax return this year. If this is your first year as an investor, you want to make sure your first return is correct. Otherwise you could have several years of errors that need to be corrected. Most DIY tax returns contain errors and get smaller refunds than returns prepared by professionals. A good tax accountant can save you several thousand dollars a year and are worth more than their cost. Good luck and let me know if I can be of assistance.
- Bill Hampton
- 404-482-3170
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