IRS Tax Write Offs

[Shawn Moore]

Hello All,

The right to redeem a property I purchased ended 9.3.15. I have served all interested parties and advertised the barment. My tax deed covered 2009-2013. I just recently paid 2014&15 back taxes.

My plan is to rent the property.

What can I write off in regards to the IRS? What publication should I read?

I am in Georgia.

Thanks in advance!

[Linda Weygant]

If the property is ready to rent, then your basis in the property is going to be the amounts you paid for the tax liens, plus amount to get clear title such as attorney fees or whatever else is involved.

If it's not ready to rent, then expenses incurred to make it ready to rent will also be included in the basis.

For an understanding of what's deductible, go to the IRS website and take a look at the Schedule E.  That is a great list of what you'll be able to deduct.  Once you've done that, if you've got additional questions feel free to post then.