Filing Taxes for an owner occupied duplex
Hello BP community! For those who have ever lived in a house hack (duplex) and have filed their own taxes, I would like some advice.
My question comes down to how I handle deductions like property taxes, mortgage insurance, depreciation, etc.
I’ve read online that I can only take half of these expenses and deduct them on my schedule E since I live in one half and rent out the other. This logically makes sense, but I want to confirm before I move forward. Could someone please provide some clarification? Thanks!