Expense deductions for 1 Bed/1 Bath in Single-Family but for only 6 months
I've calculated the tenant-occupied vs. owner-occupied ratio and understand that for expenses that are for shared areas, that ratio would be applied at tax time to deduct.
However, if it's only for 6 months out of the year, could anyone advise how that would work? Using this as an example:
Fixing plumbing that impacts shared /common areas = $1,000.
Tenant-occupied area is 40% so deduct $400? But since it's only 6 months, does this then have to be divided by 2 for the entire tax year?
Is it the same for depreciation? Hoping to get an idea before appointment with CPA.
Thank you.
Hey @Shawn C.
I'm not a CPA and I will defer to others on the platform who are who know better. But, as I understand it, the answer to your question may depend in part on whether the property is "available for rent" (even though not actually being rented) for the other 6 months of the year. If it's not, and it is 100% personal use during those months, then you would need to factor that into the calculation of the deductions and reduce how much you can deduct proportionately.
Vitaliy
I see, I wasn't aware of that. Thank you @Vitaliy Volpov! It looks like I'll have to bring up that point specifically with a CPA.
For sure! Good luck!
Vitaliy