My xpost from personalfinance. Advice. HomeOwner to a new 4 family household.
Any property 4 family + in RI is considered commercial. I purchased it this year and moved into one unit, completely renovated on of my units, and having two of them practically pay my mortgage. When it comes to tax season is there any advice you can give me? I've kept all my receipts and did most of the labor with friends and family saving thousands, a lot of thousands.

[{"id": "cchq84a", "text": "You can deduct all of your expenses including mortgage interest and depreciation on your schedule E, which you'll need to fill out as it is a rental property. I can't give you specific tax advice since I'm not an accountant, but I own a single rental unit and this way we are able to show a net loss most years. ", "replies": [], "depth": 1}]