All Forum Posts by: Kevin Phu

Originally posted by @Logan Allec:

@Account Closed is correct, and to come full circle:

Property taxes on the portion of the property that you occupy are reported on Schedule A and are subject to the new limitation.

Property taxes on the portion of the property that your tenants occupy are reported on Schedule E and are not subject to the new limitation.

I househacked a 4-unit and rented out half of the unit I occupied.  So I reported 1/8 of my property taxes on Schedule A and 7/8 on Schedule E.  There are other reasonable methods of prorating, such as square footage.

How did you come to the 1/8 calculation? If you rent out 3 full units and half of another wouldn't that make it 1/5 personal occupancy?

Did you calculate by total rooms in the units or just by bedrooms?

I'm glad you guys blanked out his swearing instead of beeping it out. It shows the respect people have for his rawness. This industry needs more people who are just as raw and real as Gary.

Can your primary residence qualify as an investment property as well if you rent out the majority of the property? I.e 4 bedroom SFR, 3 rooms rented and the other is primary.

Just realized that my example is pretty much what was previously stated. Can't delete on phone app so I'll do that later.

Let's switch it up. What if I have a 4 bedroom property where I use 1/4 as my personal residence and the other 3/4 is rented out. Could I buy a 4 unit MFR as long as 3/4 of the purchase price is equivalent to 3/4 of what I sold my previous property for?

Interested about learning more about this strategy. Currently renting out 3 bedrooms out of the 4 in my primary residence. Looking to expand by the end of the year in the Ventura, Los Angeles, Orange, and San Diego county areas.

All great advice in this thread. I am a new investor looking for a CPA that can assist me. I bought my house in September and have been house hacking since. Not a lengthy REI time frame but from the sounds of everyone's post, seems it would be smart to get a professional to help me out.

Any recommendations for CPA's familiar with CA RE laws?

@Joel Owens Thank you for that insight!

@Michael Plaks I will check that discussion out asap. Thanks!

@Justin D. Have you worked with Robert Hall & Associates before?

If you, I'd like to hear your experience with them and how they handled your services. I am looking for a  CPA familiar with CA RE laws.

@Michael Plaks and @Nicholas Aiola, all great points. Thanks.

How much should I expect to pay? I understand it could vary from situation to situation but is there a ball park figure to go off of?

I've never hired a CPA as I've always only needed to file 1040EZ's until now and when I did file using software/websites, it was free because I was active duty.