Half Of Home As Rental?

Hello All. A friend of mine owns a 2BR condo for his personal residence. There is an extra bedroom. He rents this bedroom out to a friend. Can he claim half of his mortgage, taxes, expenses, etc. as if it were a rental property? Can he depreciate? Thanks in advance for any help.

Justin

Comments(3)

  • InActive_Account3rd July, 2005

    He can only claim as expenses the amounts paid and attributed to the portions of the condo which are actually rented to and use by the tenant.


    Quote:
    On 2005-07-01 21:26, jfalkreii wrote:
    Hello All. A friend of mine owns a 2BR condo for his personal residence. There is an extra bedroom. He rents this bedroom out to a friend. Can he claim half of his mortgage, taxes, expenses, etc. as if it were a rental property? Can he depreciate? Thanks in advance for any help.

    Justin
    [ Edited by Darryle-CA on Date 07/03/2005 ]

  • wexeter4th July, 2005

    The expenses would be allocated typically by square footage.
    [addsig]

  • ray_higdon4th July, 2005

    No lender will accept rent payment as income from someone who shares the same front door as you. Uses the same utilities, etc. Just talking from a mortgage stance
    [addsig]

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