Is it possible to get a tax break when buying my first rental property?

[Jack Stalnaker]

I am growing a digital marketing business and I plan on purchasing my first rental property in about one year. Would it be possible for me to consider my down payment a business expense when I file my taxes next year and get a tax break? Should I just talk to an accountant? And if so how can I find an accountant who is knowledgeable enough to give me sound advice about such a unique situation? Any help would be appreciated thanks guys

[Glen Wiley]

There are some great books out there but things are constantly changing so I would get an accountant who is experienced with tax preparation for RE investors.

A down payment can not be deducted but the closing fees and other expenses almost certainly are.

Whether you can take the deductions vs. deferring them also depends on your other income. You can't take expenses from passive investments (rentals) against active income (like a W2 job). The tax law allows this if you file jointly and your spouse is a real estate professional (per IRS definition).