Write-Offs for a live in duplex

[Micah Perzichilli]

Hello everyone!

I recently purchased a duplex and am wondering what I am able to write-off or show as a loss for the renovations and repairs that I have put into the property. I've put a couple thousand into the unit that is rented out of which I'm assuming can all be written off. I've put about 10k into the unit that I am living in, which I am wondering if there is anyway to use that as a tax benefit as the long term use of the property will be as a rental. Lastly I have ~4k going into roof repairs, which my understanding is that exterior and common areas can be written off at 50%, but I am not sure exactly how that works. Any advice, guidance or links to articles related to this is very much appreciated.

[David O]

Maybe, depends on what you did. Generally anything done while getting the property ready is capitalized into the cost basis of the house and not expensed. A roof would be capitalized over X amount of years and not expensed. I would recommend speaking to a CPA/accountant if you can.