Updated over 5 years ago on . Most recent reply
tax benefits of buying a $2M dollar home as first time home buyer
As a first time home buyer and single, how can i maximize the tax benefits available to me if i decide to buy a 4 unit/multifamily house that is worth $2 million and property tax of about $30,000 per year?
Will like to get ideas and recommendations from the experts and veterans here
thanks
Most Popular Reply
- Tax Strategist| National Tax Educator| Accepting New Clients
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You're literally not understanding the basics.
In a case where you have 4 units and you live in 1 and rent 3.
1/4 is your primary and you get the benefits of a primary home
3/4 are business/rental units and you get benefits related to rental real estate
You potentially get benefits for both- they're just different benefits. Maybe someone else here can break this down into terms you get.
