Tax advisor on rental income?

2 Replies

I’m currently house hacking a two family home renting out two apartments (living in the basement apartment I built for myself)

I have a FHA loan but my questions are related to filing taxes, & claiming income / depreciation.... any to dos / Dont's / Tips are appreciated or a referral to a tax advisor (specializing in real estate) in the New York area would be great

Originally posted by @Nicholas Vazquez :

I’m currently house hacking a two family home renting out two apartments (living in the basement apartment I built for myself)

@Nicholas Aiola can help you. 

I have a FHA loan but my questions are related to filing taxes, & claiming income / depreciation.... any to dos / Dont's / Tips are appreciated or a referral to a tax advisor (specializing in real estate) in the New York area would be great

 

@Nicholas Vazquez

Househackng does add a unique complexity to your tax return. You acquired real estate that is both a personal residence and an investment property.
As such, some items such as property taxes, depreciation, mortgage interest need to be allocated appropriately.

There are a couple of accountants in the NYC area that specialize in real estate taxation that would be able to handle your issue.

Good luck on the search.