Hello BP community, I am looking to buy a single family home and was wanting to know, if i rented to my fiance, while I am living there as well, can I claim the home improvements as a tax deduction?

I'd like to say I was some genius who waited for the perfect moment, but it all just sort of happened, my business was growing as the housing market crashed.Fast forward a few years to 2012-2014 and my wife at the time and mother to my two kids decided to sneak around, cheat, and have a baby with another man, then claiming it was mine before using this poor kid as extortion to try to get a windfall settlement and child support.

I've never claimed wholesale income before and I am not familiar with the process.

@Han Oo you are correct, conventional lenders will not lend to an LLC...but you can quit claim the property back into your personal name for the re-fi...just make sure that your lender does not require the property to be held in your personal name for any set period prior to re-fi (i.e. 6 months)...this will kill the re-fi....so make sure your lender is secured and clear up front.And remember that re-fi's are not guaranteed...make sure you personal financial picture is good, and that the value of the property is firm...

Our incomes have both risen steadily over the past year so we are actually hoping to move out of our current home in the Bay Area into more of a long term home in the same area in next 12 months, which would leave us with 2 rental properties, after which we would hopefully start saving to build our real estate portfolio further.However, having just finished our 2016 taxes, we learned that we are unable to claim any of the standard deductions including maintenance, depreciation, et cetera as we exceed the income limit, leaving us with a huge tax bill.  

Should I take them to small claims court, or do I need to file some kind of tenant eviction paperwork first?

There a lot of "Programs" and "Systems" that claim to find deals.Is anyone using this ? 

Ideally, I would want us to both claim profits, deductions, etc. at 52/48.  

Ideally, I would want us to both claim profits, deductions, etc. at 52/48.

@Marty TrueThere are many people claiming 30%-50% discounts that really have little if any profit at all.