Article by:
Scott Whitney
Purchasing a duplex—also known as a two-family house—or a multi-family property can be a smart money-making move as a real estate investment or as an owner-occupied home that will pay you back. But there are challenges as well as rewards specific to owning these types of properties. Read on for must-know info to help ensure that your big buy will be a slam dunk—and not a string of surprises.
PRO: Welcome to a world of tax deductions.
Thinking about replacing your tenants’ lighting fixture with a ceiling fan? Deduction! Porch railing needs to be replaced? Deduction! For the most part, any repair or improvement to your tenants’ spaces will qualify as a tax write-off. If your home is owner-occupied, work done to common spaces can typically be written off at 50 percent, but most deductions don’t apply to your personal living area. Write-offs are a great way to get money back for improving your property, but be sure to carefully research what qualifies as a deduction with the IRS. Read full real estate article here.
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