Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
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 about 7 years ago on . Most recent reply presented by

User Stats

189
Posts
53
Votes
Tim Porsche
  • Investor
  • Denver, PA
53
Votes |
189
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

2,346
Posts
883
Votes
Bill Hampton
  • Tax Strategist, Financial Planner and Real Estate Investor
  • Atlanta, GA
883
Votes |
2,346
Posts
Bill Hampton
  • 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
91 Reviews

Loading replies...