House Hack Tax Deductions / Dallas Tax Advisors
Howdy folks! I'm closing on my first ever property (praise God!) and got a couple of questions.
1. Any recommendations for real estate savvy tax advisors in Dallas, TX? Looking for somebody who is going to ask me questions as I don't know what I don't know. Also looking for somebody who is willing to invest in a long-term relationship and work with me throughout the year, not just during tax season. I'm a young investor who is willing to learn and looking to invest in the right relationships for the long-term!
2. What can I deduct from taxes if I'm House Hacking? I'm buying the property as my primary residence. It's a single family with 4 bedrooms. I will be living in one bedroom and renting out the other bedrooms to my buddies. A friend of mine told me that I should keep the receipts of everything I spend on the property (new roof, home inspection, plumbing, furniture, etc.) so that I can deduct it from my taxes. Am I still able to deduct these things if I am getting a loan for this house as my primary residence? My goal is to deduct as much as possible as I will be itemizing deductions instead of the standard tax deduction. Is this possible? If not, what options do I have to make this possible?
Thanks in advance for reading. Appreciate your time and inputs! If you're local in Dallas and looking to connect, let me know, I'm new to real estate and am looking to learn as much as possible.