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Updated almost 7 years ago,

User Stats

214
Posts
49
Votes
Gary F.
  • Honolulu, HI
49
Votes |
214
Posts

CPA or Tax Experts: 2018 House Hack/Rental Property Deductions?

Gary F.
  • Honolulu, HI
Posted

It seems because the new 2018 Tax Reform laws are so new I can't seem to find real answers. I searched here and nothing for 2018 tax year came up. Maybe a CPA can chime in.  

Scenario:

Im renting out rooms in my primary residence. I will stay in one of the smaller rooms and rent the rest out.  I know I can only deduct a portion/percentage of the house used for the rentals. This will be most of the house since I'll only be using the small bedroom, tenants will be in the other rooms + the common areas.

Questions:

1) I can deduct the full costs of furniture used to furnish the rooms and common areas, yes?

2) Materials and labor to convert the living room into a master bedroom with bathroom is capitalized or 100% deductible in first year?  

3) Landscaping materials and labor capitalized or 100%?

4) Business use of vehicle capitalized or 100%? I know this gets really confusing.  Some sections of 179 say vehicles over 6000lb GVWT.  

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