Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I purchased a duplex 2 years ago and rented out both units. In 2000, I moved into one of the units and I plan to remain here for couple years or so. At that time, depending on circumstances, I will either return both units to rental or sell the duplex.My understanding is that I need to recapture 50% of the amount I have depreciated so far. I can claim 50% of my mortgage as a business expense, and the other 50% as an itemized deduction.Is this correct? And what are the consequeces if I decide to sell or rent in two years?TIA
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.