Posted by JHyre in Ohio on September 15, 2003 at 07:25:39:
I’d treat the property as 1/2 rental and 1/2 personal residence…either way, closing costs are generally added to the purchase price of the property (“tax basis”) as opposed to deducted for ax purposes. 1/2 of the “points”, if any, should be immediately deductible.
John Hyre
second question on taxes - Posted by gary
Posted by gary on September 10, 2003 at 11:02:55:
I purchased a duplex this year. I live on one floor and rent out the second floor. Please tell me what in the purchase - closing costs - is tax deductible. I am over 65. Is there anything in the sale of my house that needs to be declared for income tax purposes.