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Updated almost 6 years ago,
Hacking a primary residence and being able to write off expenses
Hello BPers,
I am hacking my primary res SFH. It has an non-conforming basement unit that I am renting out. I am claiming that revenue as taxable income and am wondering if I am able to also claim a percentage of all of the expenses tied to the property? Utilities, maintenance repairs, homeowner's insurance? What about the closing costs associated with with purchase: appraisal, origination fee, etc... This property is titled as individually owned under my name and not my business. However, I am renting the basement unit and receiving income. Please advise and much appreciated.
thank you
Steve K.