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203K Tax Question
Hi All,
I'm working through some of the specifics on a 203k loan and am having trouble finding an answer to my tax question. I'm still learning so maybe this is a dumb question. If I bought a 3 unit apartment building with a 203k loan that needs a total rehab, would I be able to write-off the improvements on my taxes as expenses even though they were financed through the 203k loan. I'm thinking in the way a new fridge for one of my units could be considered an expense. Thanks for any input on this.
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Rehab and repair expenses Prior to it being rent ready get added to your purchase basis, and depreciated, not written off this year. Using your cash, or borrowed money, makes no difference.
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I see. Thanks for the clarification @Wayne Brooks . I appreciate you replying so fast!
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