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Updated almost 3 years ago, 12/31/2021
End of year purchases to maximize tax benefits?
Hi BP community,
I just surpassed the 1 year mark as a landlord and I'm currently thinking about my tax implications for 2021. Last year was easy to claim a loss and maximize my tax benefits because I only collected a half month of rent and spent far more than that getting the place going. However, this year, I have done just about nothing other than collect rent.
My head has been out of the game a little bit and I can't recall some of the tax info I had heard previously. Would anyone be willing to share thoughts or information on whether or not it would be in my best strategical interest to make some purchases and get my expenses closer to my revenue?
Both sides of the duplex I own are in need of some repair but I haven't been able to do anything yet with the ongoing COVID situation and tenants who have been there from day 1. However, I need to get some new appliances and thinking this might be the best time.
If you know of any podcast episodes that cover this, I'd be most appreciative if you pointed those out as well.