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Updated almost 5 years ago on . Most recent reply
taxes with house hacking
I have a situation that I am curious about. If i have a duplex and it has a mortgage of 1000/month and I am able to rent out one side for 1000/month and I live in the other side, would i pay taxes on that 1000? If i rent it for 600/month and i pay 400, would i pay taxes on that 600. if i rent it for 1200, would i pay taxes on the full 1200? the 200 after the mortgage? Any advice would be greatly appreciated
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#4 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
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#4 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
@Elliott Back
A house-hack is owning a property that is both a personal residence and an investment property.
You are required to report the rental income onto your tax return.
100% of a mortgage payment is not a deduction - Principal payments are not a tax deductions. Payments to Escrow are not a tax deduction.
You may want to consult with a CPA/Accountant to be compliant with your tax obligations.
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