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Updated 12 months ago,
Can I write off sales tax on repair items
Would appreciate it if any investors or CPAs can answer my questions. I own a duplex in Ohio and live in CA. I own it under my own name. There were some repairs I had my handyman do that had a cost plus the sales tax. For example, $2000 plus a sales tax of $100. So the total cost to me is $2100. Can I write off the $2100 or only $2000. Separately, for utilities like gas, I pay online with a credit card and they charge me a $2 fee. So if the utilities for that month are $50 they will charge me $2 extra ($52) to pay with card. Can I write off $52? Also, are home insurance premiums tax deductible?
If I sell my duplex and buy another one somewhere else, can I carry those expenses with me to the next property? Can I use these write offs against income I might make from flipping or even selling my duplex? I’m studying to get my real estate license in CA. I heard that there is something called Real Estate Professional status for taxes. How would this work being licensed in CA and owning a duplex in OH?