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All Forum Posts by: Andrew Grant

Andrew Grant has started 1 posts and replied 1 times.

Post: First Tax season House Hack

Andrew GrantPosted
  • New to Real Estate
  • SC
  • Posts 1
  • Votes 3

Long time lurker first time poster!

I will be filing this season for the first time being a home owner and house hacker.

I would like to work with a tax professional who has experience with this strategy.

Tell me why I should cancel my meeting with H&R Block this weekend...

For context, I have a W-2 income and have had 3 tenants stay in my home within the past year. 

I have lots of questions: Do I save %20 of the rental income for tax purposes? Can I write off the supplies I purchased for the tenants? Can I write off a percentage of my mortgage relative to the size of the rooms rented? etc.

Tax advantaged accounts include: 401-k and Roth IRA contributions, no HSA.

Looking for a professional with proven success, references to others perhaps bigger pockets members who have successful househack strategies.

Thanks!

Any questions?