Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago, 01/24/2021

User Stats

5
Posts
3
Votes
Travis Bailey
3
Votes |
5
Posts

Start up/ Tax questions

Travis Bailey
Posted

Hello i bought my first piece of property in march of 2020 and have invested my own money in totally demoing and fixing it up myself in the evenings. I have not set up my LLC up yet due to not having any income coming in yet. I have took a chunk of savings that i had set aside to buy a house that was in very poor condition and to put back into live-able condition. I didn't finish the house to put a tenant in it by the end of 2020. How/am I able to deduct the cost that i paid out in 2020 on my taxes?

Loading replies...