Taxes and 2 Families
Does somebody have a good link re mortgage interest deductability and taxes on rental income in the context of 2 family homes? Thanks, Nonsense
Does somebody have a good link re mortgage interest deductability and taxes on rental income in the context of 2 family homes?
Thanks,
Nonsense
Determine how to allocate or prorate the space first. Is the rental unit 50% of the building? I guess to be precise, divide rental unit square footage by total and then allocate that % of square footage to the costs (amortization of total building cost, mortgage, insurance, taxes, heating, water taxes, etc).
I just use 1/3 since the garden level is one of three floors. Technically it’s not correct b/c some of that level is common are but it’s good enough. Just be consistent year in and year out.
“re mortgage interest deductability and taxes on renatal income..”: it is. what’s the issue?