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Updated over 5 years ago,
House Hacking Tax Deductions: Nitty Gritty
Hello BP!
I am 3 months into my first SFH house hack (Going Great!) but am now trying to educate myself on further ways to be tax efficient.
I understand how to calculate depreciation allowance on a house hack but was wondering about other deductible expenses, for example:
1. I have internet for my tenants and I, we all split the bill. Is this tax deductible or is it only if I pay the whole bill? Same for gas, electricity?
2. I am just about to stain the fence around the porch. Since this is a common area, are the supplies tax deductible
Is there any general rule of thumb to easily distinguish between what is deductible and what is not?