Setting Up Your House Hacking Situation to be Tax Efficient
What are some of the pointers from a tax and expenses perspective to consider for a married couple that is going to buy a 2 family, with the intention to owner occupy one unit, and build a portfolio over time?
Most Popular Reply
One of the more important considerations is your record keeping. Make sure you are keeping up with all expenses associated with the rental portion. Expenses associated with the owner occupied portion are not deductible as business expenses. You may want to work with a professional to answer specific questions and to help with basis calculation for depreciation.
- Daniel Hyman
My Online Accountant
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