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Updated over 6 years ago,
Handling tax deductibility when house hacking a 3 family
What is the appropriate way to handle depreciation, tax destructibility of interest, taxes, closing cots, and utilities when you are house hacking a 3 family? Purchased in April 2018 and also understand there are some newly enacted 100% destructibility for some repairs that might be exclusive to this year. Can I take these and deduct 2/3 of the cost as I am residing one of the 3 units? Is it 2/3 destructible as 2/3 is rental or is it based on total bedrooms (i'm in a 2, renting a 3 and a 2) or total rented square footage vs total as a guide, etc? Are there advantages to doing repairs this year due to the tax changes, or is the same applicable next year as well?
Thankful in advance for any feedback.