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Updated over 3 years ago, 06/16/2021
Tax Strategies for House Hack + Rent by Room
Howdy all,
I just acquired a duplex here in Austin, Texas and I'm trying to set up my books where I'm keeping track of things appropriately. I will be renting out the other side plus one room on my side.
I'll be addressing overall large maintenance issues for the whole structure (electrical, siding, HVAC) plus cosmetic updates on my side while I'm in it (eventually switching sides to do the same for the other).
I understand updates/maintenance for my personal residence wouldn't be considered a part of the rental business, but it's really the renting a room on my side that has stumped.
Any broad tips or tricks?
Taking recommendations for a CPA here in ATX who would be familiar with my situation.