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Updated almost 9 years ago,
Help I need some deductions!!
These taxes are killing me! I have 5 active rental houses & 1 land contract. Everything I make goes right back in to them or more property But yet my tax bill is HUGE! Is there any way I can show on paper I reinvested my profits?
One top of what I already had I also did all of this in 2015!
#I purchased 2 lots $80 & $10 at the land sale along with a 4 unit brick For $2,700 and I sold it the next day for $13,000 cash and $2,000 off of a roof job.
#Purchased a home for $11,500 put in another $15,000 sold for $47,000 three days later.
#Purchased a 4 bedroom for $17,500 and have not touched it.
#Picked up another farm with 17 acres, 5 ponds, 2 houses and several buildings $25,000. ( I've only put in new windows so far)
#Purchased a house (with a store front) a large garage apartment with 2 garages, a 3 bedroom apartment and a 1 bedroom apartment. And there was also a large 60ft garage the hubby took from me. I got all the places on 2 lots for $45,000 on 12/31/2015 and I have put all my money in it.
Do u see anything that I can use somehow to lower my taxes????? Help