adamtanderson[at]gmail.com wrote:

- quote -

For expenses that are allocatable between the two units, you
need to establish some basis for the split. Do something
that favors you BUT has a realistic basis, 50% may not be
the answer. Square footage, number of rooms and other
methods of allocation could be used. You need to use the
same method over time, however. Can't decide each time on
the fly.

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adamtanderson[at]gmail.com wrote:

- quote -

Schedule E for the rental, Schedule A for the part you live
in.

- quote -

Schedule E for the rental half (but not the land). No
deduction for personal use property

- quote -

Allocate repairs and maintenance between the two units.
Deduct duplex expenses on Schedule E. No deduction for
expenses on the personal use unit.

- quote -

Allocate between units and deduct the rental expense on
Schedule E. No deduction for personal use unit.

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adamtanderson[at]gmail.com <adamtanderson[at]gmail.com> wrote:

- quote -


You have essentially two distinct properties, and need to
allocate all costs between them. If you logically conclude
the split should be 50/50, then half the total allowed costs
are allocated to the rental property.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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<adamtanderson[at]gmail.com> wrote:

- quote -

allocate the expenses

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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<adamtanderson[at]gmail.com> wrote:

- quote -

For tax purposes you have two properties: a personal
residence and a rental.

Anything specifically involving only one, e.g., interior
painting, is treated as appropriate to that type of property
(deductible maintenance for a rental, no tax benefit for a
personal residence.)

Anything involving the entire property, e.g., mortgage
interest, you split between the two.

--
Phil Marti
Clarksburg, MD

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I was reading an article on tax deductions for landlords.

http://www.forbes.com/entrepreneurs/...ml?partner=rss

I am buying a duplex in January that I will be living in.
How does this effect tax deductions when you are only
renting out half the property on the following items?

1. Interest
2. Depreciation.
3. Repairs
9. Insurance

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