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From: Mike .
Renting part of principal residence
From: Adam Benbrook
Date: 12/20/99
Time: 5:43:28 PM
Can anyway confirm this for me :-
I think when renting a room of my principal residence, I can claim all cash and non-cash deductions for the property on a "shared area" basis. e.g. purchase costs, depreciation, rates, etc. That is, tenant uses 40% of house, therefore I claim 40% of costs as deductions.
Second question:- Does the above still apply where I've owned the property for only 3 months, since I paid Stamp Duty at a reduced rate, because it is my principal residence?
Any information appreciated.
Merry Christmas Adam
Renting part of principal residence
From: Adam Benbrook
Date: 12/20/99
Time: 5:43:28 PM
Can anyway confirm this for me :-
I think when renting a room of my principal residence, I can claim all cash and non-cash deductions for the property on a "shared area" basis. e.g. purchase costs, depreciation, rates, etc. That is, tenant uses 40% of house, therefore I claim 40% of costs as deductions.
Second question:- Does the above still apply where I've owned the property for only 3 months, since I paid Stamp Duty at a reduced rate, because it is my principal residence?
Any information appreciated.
Merry Christmas Adam
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