All Forum Posts by: Michael Doll

Hey all - Thanks for the words of wisdom. This is super helpful.

Now with the 20% tax deduction on pass-through income....how simple is it to setup an LLC and transfer a property to the new formed "company?"

@Paul Allen thanks a lot for the example. It really cleared things up. 

So it seems like if I rent out my spare bedroom (in my own unit) to a friend I should begin to depreciate a % of my unit based on the sqft of the room compared to the entire sqft of my unit (that I'm living in).

100 sqft spare bedroom / 1000 sqft of my sides entire unit = 10%

@Paul Allen if I depreciate the units separately will the 27.5 years begin at the time of purchasing the duplex or will it begin when I start renting out each unit?

@Paul Allen Thanks a lot. That's a great idea.

Thanks a lot for the help! Follow up question: if I am going to be renting my current unit in the future (1-3 years) will I be able to change my depreciation % to 100%? Will this change any of your answers above?

Hi everyone,

I'm looking to make repairs and upgrades in my current duplex. I currently live in the unit that I want to repair (aka paint cabinets and install new flooring). Am I able to deduct any or all of these expenses against my rental income I'm receiving from the other unit? 

Thanks @Dave Toelkes. I agree with the savings to the rainy day fund before throwing money at the debt. 

Thanks guys! I hadn't thought about the future tax implications @Andrew Johnson

Hey everyone, 

I just bought my first duplex and was wondering if I decide to overpay on my monthly mortgage payment, to save on interest paid over time, am I able to expense any of the over payment made against the income from my tenants on my taxes?