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I am in the process of buying a new multi-family home in which I will live. As I understand it,a portion of the property is considered a rental property (somewhere between 33 and 40% based on # of floors/square footage). If I have to do work on the house, a corresponding portion of the cost can be written off against the rental income.

My question is, can the costs I incurred in looking for property also be written off against rent at the same proportion. For instance: the home inspection, closing costs, the cost of driving to my banker to meet with him?

Any experience or a point in the right direction would be appreciated.

Thanks,

Sewerguy
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