Can I deduct expenses of home remodel because I have a roommate Hi All,
I purchased a new home this past September and have a roommate living with me paying $450 / month. Since moving in I have spent about $25k on remodeling the home. A lot of this has been on a new AC, furnace, windows, washer / dryer, flooring and paint to name the big ones. My question is if I claim the roommates rent as income can I also deduct a percentage of this $25k? Or get depreciation on the home? I don't know if it matters or not but in the long run (maybe a year out) I plan on turning this into a rental house completely and moving out myself. I am not sure if this is even possible but if it is I then plan to take my info to a tax professional since it will make my return a little more complicated but if it is absolutely not possible I will do the return myself.
Thanks for any help!
Andrew |