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Tax Deductible on a house hack?
So I’m a bit confused about what I can and can not deduct in taxes when my rental property is a house hack. I’ve compiled this list with what I’ve found to be deductible and what might be. I am living in one room and renting the other 2. Everything I’ve found online is either “personal residence” or “rental property” so obviously this is a mixed bag and creates some confusion. Thanks!
Tax deductible
PMI
MIP/84 months
Utilities
2/3 depreciation
Property taxes
Mortgage interest
HOA
Insurance
Expenses/repairs
Maybe?
Inspection
Appraisal
Pass through deduction
Attorney fees
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It's likely not 2/3 depreciation.
You are ONLY allowed to depreciate full busines use square footage- so the rooms you rent, and if they have a private bath. You can't take a split on shared areas.
On your shared square footage you can allocate and deduct that % of all normal rental expenses.
