Apartments for Cheap

Questions and Answers

Your Questions About Duplex For Rent

March 2, 2012

Ruth asks…

Insurance deductable on a duplex?

I live in a duplex and rent out the other half. I know if I was renting out, for example, a single family home I could deduct my insurance payments.

Is any portion of my insurance payment deductable on the duplex? It is a single payment paid by escrow.

Administrator answers:

The portion applicable to the rental part is deductible.
If half the square footage is for the duplex, you could deduct half of the insurance, taxes, mortgage interest plus 100% of repairs and other expenses that apply only to the rented part. You cannot deduct 100% of anything that benefits both the rental portion and the other part.

You would deduct the other half of tax and mortgage interest on Schedule A if you itemize deductions. The rental half would be deducted on Schedule E, even if you don’t itemize on schedule A.
You can also depreciate the portion of the “basis” of the house attributable to the rental portion. You should use 27½ years as the depr period and use the ‘mid-month’ convention–see www.irs.gov for details of how this works.

Joseph asks…

When someone has a rental unit and they refer to it as a duplex, what exactly is a “duplex”?

I was just wondering because when i’m scanning the classifieds and someone has a house, apartmennt, flat/duplex for rent…What’s a duplex?
Thanks!

Administrator answers:

2 seperate living areas under 1 roof- seperate entrances,bathrooms,bedrooms, kitchens, etc.

James asks…

houston single mother looking for a duplex or garage apt 4 rent.?

single 21 mother lookingfor a place to stay for me and my 14-month old son. looking for a garage apt or a duplex does any body no where i should look that up at.. already look in the greensheet. nothing i see. can sombody help me please… thanks alot.

Administrator answers:

Have you checked craigslist? I’m in MD, but I know around here it’s a great resource for finding rentals. Good luck.

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