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Updated almost 6 years ago,
Am I a "Business" or "Investor" for Tax Purposes?
Hello,
According to NOLO's Tax Deduction Guide, the waters are somewhat murky when determining whether a rental property owner is a "business" or "investor." I own one out-of-state single family residence that has tenants and I pay a property management company 10% of the monthly rent.
Which one am I for tax purposes?
On a side note, can I depreciate a stove, refrigerator and washing machine if the previous owner installed it a couple of years ago?
Thank you,
Philip