CPA or Tax Experts: 2018 House Hack/Rental Property Deductions?
It seems because the new 2018 Tax Reform laws are so new I can't seem to find real answers. I searched here and nothing for 2018 tax year came up. Maybe a CPA can chime in.
Scenario:
Im renting out rooms in my primary residence. I will stay in one of the smaller rooms and rent the rest out. I know I can only deduct a portion/percentage of the house used for the rentals. This will be most of the house since I'll only be using the small bedroom, tenants will be in the other rooms + the common areas.
Questions:
1) I can deduct the full costs of furniture used to furnish the rooms and common areas, yes?
2) Materials and labor to convert the living room into a master bedroom with bathroom is capitalized or 100% deductible in first year?
3) Landscaping materials and labor capitalized or 100%?
4) Business use of vehicle capitalized or 100%? I know this gets really confusing. Some sections of 179 say vehicles over 6000lb GVWT.