Author Topic: would write-offs outweigh tax on rental income?  (Read 636 times)

bronxchickenman

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would write-offs outweigh tax on rental income?
« on: June 17, 2016, 06:46:26 AM »
I own a multifamily house.  I rent out one unit and report taxes as I should.  The other unit I live in, and it has 4 extra rooms that I rent out.  Questions:

1.  Will I have to report the income from the rooms in my own unit (the house is also my primary residence for tax purposes). 2.  If I report all income, how can I figure out if deductions will outweigh tax on the rental income?  The rooms generate $2900 per month, and will leave me with 1 room in the unit, or 1/5th of the unit.

Thanks for your help.  Unfortunately the CPA I chose to work with is a glorified version of turbotax that charges full CPA rates with no solid advice.  Any advice on how to choose a good CPA would be great too!