topic Hi - I have a multi-family - 3 apartments, one of which I live in. Do I have to enter each rental apt separately, or just as a single property in the Rental Section? in Investors & landlords

Hi - I have a multi-family - 3 apartments, one of which I live in. Do I have to enter each rental apt separately, or just as a single property in the Rental Section?

penday — Thu, 02 Jan 2020 04:18:27 GMT

Re: Hi - I have a multi-family - 3 apartments, one of which I live in. Do I have to enter each re...

DanielV01 — Thu, 02 Jan 2020 17:11:35 GMT

Per IRS rules, treat each unit as separate properties. If your mortgage interest, taxes, and insurance comes in one bill to you, you will need to proportion the amounts separately to each unit.

Re: Hi - I have a multi-family - 3 apartments, one of which I live in. Do I have to enter each rental apt separately, or just as a single property in the Rental Section?

Carl — Fri, 03 Jan 2020 01:49:17 GMT

You can enter it as a "multi-family unit" or enter each one separately. I myself would enter each one separately because it keeps the paperwork simple should I later decide to sell or otherwise dispose of one of the units in the future for whatever reason. Or if I decide to move out of the one I live in and convert it to a rental.