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Tax question on duplex house hack!
Hello all!
Currently in the process of renovating our first rental property. The property is a duplex in MN. We currently have one side rented out and are finishing up renovating the other half.
We haven't had much experience with the taxes involved with rental properties, but are trying to optimize our potential deductions. Our question is, to be able to deduct our renovation expenses on the one half of the duplex, would we need to have that rented out by the end of the fiscal year? Or would it be possible to move into that unit while we renovate the other half?
Just trying to get our game plan figured out, any advice helps!
Best,
Sam