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Updated about 7 years ago,
Need advice for this tax season
Hey guys, I had just purchased a 3- family rental property in April of this last year (2017) it was already occupied so I inherited 2/3 tenants. I just filled the last unit in December due to the fact I wanted to remodel the unit to raise rent. So my net income on the house this year was a negative. My question is should I be worried about the way the IRS could consider me a Not-For-Profit property owner? I want them to see me as a business owner. The next question is since I was in the negative for income can I still deduct expenses such as depreciation, start-up expenses, and mileage. Just was looking for some insight before I meet with a couple CPAs.