"KJ Nichols, CPA" <knichols[at]rfoods.com> wrote:

- quote -

He can only deduct the 2/3rds of expenses/depreciation/etc
that is being rented out.

Mike

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >

Client bought a 3 bedroom house for college bound child. 2
rooms will be rented out. Client put enough down on house
so that the rent from the other 2 will cover the note. The
3 inhabitants will split all utility costs. Can client
deduct 100% of costs or does he have to split it between
personal and rental expenses?

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >