About a year ago I purchased a four family, which I reside in. This is my first home and first year doing taxes on a home! Does anyone know a site I could go to so that I can find out what EXACTLY I can claim? I kept my reciepts for everything including improvements, cleaning supplies, etc......help????
2007-02-09 10:17:06 · 4 answers · asked by rockstar_jax 1 in Business & Finance ➔ Taxes ➔ United States
www.irs.gov
And if you are really unsure-- seek out a professional.
2007-02-09 10:22:02 · answer #1 · answered by Jodi F 2 · 0⤊ 0⤋
Go the the IRS website and look at the list of telephone topics. Find the one on rental housing and go to it. After that, you will know which forms to file. I will bet that you will be told that you can deduct 1/4 (25%) for your own place, and the rest (75%) will be applied against your rental income, plus depreciation on the same ratio. Because this could get really complicated, I suggest that you get a good accounting book, or better yet, hire an accountant.
2007-02-09 18:27:56 · answer #2 · answered by The Parthian 3 · 0⤊ 0⤋
You'd be wise to talk to a CPA for this first year. He or she can tell you what records you need to keep, and what you can deduct. It will be more complicated than if it was just a single-family residence that was your home, so you want solid advice.
2007-02-09 19:58:13 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
internal revenue service..
2007-02-09 18:25:06 · answer #4 · answered by HEAR TO HELP 4 · 0⤊ 0⤋