Tax incentives for small multi families
Hello!
Two part question: Would somebody mind providing a brief overview of the tax savings of purchasing a 2-4 multi family in the first year of purchase as owner-occupied. For example: If my W2 income is 100k and the property is 200k, what percent of my taxes could I expect to write off toward the property? I understand things will vary depending on on several factors but based on averages.
Second part, what is immediately tax deductible, i.e. my down payment, closing costs, etc. I understand accelerated depreciation is one of the bigger deductions you can make.
Also I live in Cleveland, Ohio, if anyone knows of any local or state variances or regulations I should be aware of when doing my calculations.
Thanks in advance,
Jake