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Re: Mortgage tax deductions for co-owned rental house
by John
on February 1, 2019 @11:16
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First, and very important, note - pay attention to the personal use portion of this property. The expenses related to whatever portion your son are living in is not deductible.
Back the land out of your depreciation calculation using the value obtained from the assessor at date of purchase. Don’t play games with 10% or 20% or whatever. That’s sloppy.
Most important piece of advice, hire a CPA. It will save you money and problems in the long term.
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