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Updated over 5 years ago,

User Stats

25
Posts
6
Votes
Ryan Rippinger
  • Flipper/Rehabber
  • Montgomery, IL
6
Votes |
25
Posts

Taxes on contract purchase

Ryan Rippinger
  • Flipper/Rehabber
  • Montgomery, IL
Posted

I am possibly going to be buying a house I'm currently renting. While living here I did some work to the house( new windows, new bathroom). If I buy it am I able to claim taxes on those for depreciation. Also going forward are any purchases I make for the house eligible for depreciation. The existing mortgage only has a few years left so I am going to buy on contract and try to pay at an accelerated rate. I am in IL if that matters. 

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