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Question
Would I be able to write off 100% of expenses for tenant/house repairs?
I own a 3 family home and I live there too
AI accountant’s answer:
Yes, you'll be able to deduct the expenses for repairs to the property you rent. Make sure the repairs are truly repairs that are necessary to keep the property in good working order. Anything that improves the property will be recovered gradually through depreciation. Repairs to the part of the home you live in won't qualify for a deduction.
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Answer
Yes, you'll be able to deduct the expenses for repairs to the property you rent. Make sure the repairs are truly repairs that are necessary to keep the property in good working order. Anything that improves the property will be recovered gradually through depreciation. Repairs to the part of the home you live in won't qualify for a deduction.
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Melissa Pedigo, CPA
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