Question about write offs & tax/calendar year
Hi BP,
A few questions for those more familiar with the topic:
1) Hiring a lawyer to review my purchase contract - is this an expense? Or is it added to the basis of the property?
2) Appraisal - Added to the basis of the property as well?
3) If i incurred the above 2 expenses in 2014, but I didn't actually close and rent out the property until 2015, will i be able to write them off still, when I file my taxes in 2016, for 2015?