Taxable Deduction of Deposit?

[Debra Mowery]

I put $50,000 down on a property that I am buying through the owner.  The closing is in January.  How can I deduct this on my taxes?

[Bill B.]

Even if you put the money down today it’s not a tax deduction. You aren't spending the $50,000.  You’re purchasing an investment. Get your tax guy on board. It certainly sounds like you’re going to need him/her next year anyway.