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Updated 12 months ago,
Expense deductions for 1 Bed/1 Bath in Single-Family but for only 6 months
I've calculated the tenant-occupied vs. owner-occupied ratio and understand that for expenses that are for shared areas, that ratio would be applied at tax time to deduct.
However, if it's only for 6 months out of the year, could anyone advise how that would work? Using this as an example:
Fixing plumbing that impacts shared /common areas = $1,000.
Tenant-occupied area is 40% so deduct $400? But since it's only 6 months, does this then have to be divided by 2 for the entire tax year?
Is it the same for depreciation? Hoping to get an idea before appointment with CPA.
Thank you.