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I have a question. I'm an owner-occupied landlord of a 4-family flat. I do all of the management, maintenance and most of the repairs.
I do all of the maintenance and repairs to all units of my 4-family flat. I only call in professionals for sewer, roof or major electrical repairs. How do I figure out how to deduct those expenses from my share of the rental income?
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Investors & landlords
So on the rental you are reporting income for 3 units and deducting expenses for three units.
When you set it up for depreciation you should have 3/4's of the cost set up.
When you have a general expense (that cannot be allocated to a specific unit) such as trash pickup, you take 75% of the cost as an expense.
When you have a cost that can be directly shown to one unit --such as replacing a toilet in one unit that is a rental, then you deduct 100% of that cost.
Please post a comment if I did not fully address your question.
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