Deductions for a newbie
So I am a brand-newbie at this, have not done a deal yet. I realize that the very first thing I need to do is educate myself, which will probably take several months (which will put us into the next tax year) before I am ready to pull the trigger and make that first deal. My question is, if I spend money now on educating myself (e.g., books, courses, biggerpockets pro membership, etc.) but don't actually begin investing in real estate until next year, will I still be able to deduct those expenses for this tax year? Or do I need to have a real estate "business" set up first?
FWIW, I am a W-2 employee and also earned a small amount of 1099 income this year, by moonlighting at the same occupation as my full-time job. My current occupation has nothing to do with real estate.
Thanks so much. Looking forward to getting to know many of you here on biggerpockets as I begin my journey. :)