Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

188
Posts
53
Votes
Tim Porsche
  • Investor
  • Denver, PA
53
Votes |
188
Posts

Tax Deduction Question for Owner Occupied Duplex

Tim Porsche
  • Investor
  • Denver, PA
Posted

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!

Most Popular Reply

User Stats

2,324
Posts
876
Votes
Bill Hampton
Tax & Financial Services
Pro Member
  • Tax Strategist, Financial Planner and Real Estate Investor
  • Atlanta, GA
876
Votes |
2,324
Posts
Bill Hampton
Tax & Financial Services
Pro Member
  • Tax Strategist, Financial Planner and Real Estate Investor
  • Atlanta, GA
Replied

@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
business profile image
Hampton Tax and Financial Services, LLC.
4.8 stars
88 Reviews

Loading replies...