All Forum Posts by: Ahna Van gaest

Hi Kislay, Thank you so much for answering all our tax questions!  What a wealth of knowledge you are providing.

I bought a single-family home last year with my mom and brother. I own 50% of the property and my mom and brother own 25% each. We fixed it up and rented out the main house in November (purchased in July). It is also my moms primary residence, she lives in the garage ADU.

I don't even know how to get started on our tax strategy, please help!  Do we all just take our equity percentage and claim it as it applies to us?  For example, it is an investment property for me and there is rental income. Do I take 50% of the depreciation? But it's a primary residence for my mom, can she only take 25% of the mortgage interest deduction?

Thank you!

Thank you both for your replies. I’ve read through the online zoning requirements but there’s no mention of density requirements, so I’m still missing something here! At least I know what I’m looking for now. I’ll go ahead and call and see what I can find out. 

I have an opportunity to buy a (technically) rural 15acre property with a very old home under market value.  We are allowed/planning to build another house on the property within the next 5 years. My question is how to figure out whether the city will allow us to rent both houses out as long-term rentals. I know if we lived on the property that we could rent the other out, as there are several folk on the same street who do so.  Can anyone point me in the right direction to figure out the laws/building codes/whatever I need to know before committing to this purchase? Thank you in advance!