Half Of Home As Rental?
Hello All. A friend of mine owns a 2BR condo for his personal residence. There is an extra bedroom. He rents this bedroom out to a friend. Can he claim half of his mortgage, taxes, expenses, etc. as if it were a rental property? Can he depreciate? Thanks in advance for any help. Justin
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He can only claim as expenses the amounts paid and attributed to the portions of the condo which are actually rented to and use by the tenant.
Quote:
On 2005-07-01 21:26, jfalkreii wrote:
Hello All. A friend of mine owns a 2BR condo for his personal residence. There is an extra bedroom. He rents this bedroom out to a friend. Can he claim half of his mortgage, taxes, expenses, etc. as if it were a rental property? Can he depreciate? Thanks in advance for any help.
Justin
[ Edited by Darryle-CA on Date 07/03/2005 ]
The expenses would be allocated typically by square footage.
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No lender will accept rent payment as income from someone who shares the same front door as you. Uses the same utilities, etc. Just talking from a mortgage stance
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