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Tax, SDIRAs & Cost Segregation

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Joe Livsey
Pro Member
  • Investor
  • Denver, CO
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19
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House Hack - Tax Write-Off for Tools/Lawn care??

Joe Livsey
Pro Member
  • Investor
  • Denver, CO
Posted Jun 24 2020, 18:38

I am about to close on my first house hack investment, a duplex, using an FHA loan. There will be renters in one half and I'll live in the other. Having been a renter my whole adult life I own minimal tools and zero lawn care or snow removal equipment.

Since I will be a landlord and these products will be taking care of my investment property and tenants am I able to purchase and write off things like a lawn mower, weed wacker, basic handyman tool kits? These would be items necessary for the normal operation of my business. Could I take it a step further and have my half of the duplex, my primary residence, be considered my office where I conduct my business and things like paint or a home office set up be deducted?

I understand I should direct these to a qualified CPA to help with my tax planning and preparation. I am in the process of finding and vetting options at the moment, but while I'm doing this I would love to hear what others have done!

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