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Land Contract with Equitable Title Depreciation
My friend has a house the he owns under a land contract with equitable title. Does anyone know if he should depreciate that house on his tax returns or can he wait to refinance and get the deed before he starts depreciating?
Also, does anyone put their rental income/deductions on their schedule C instead of schedule E to get the Qualified Business Income Deduction? (Assuming you are managing the property and not paying a property manager.)
Finally, does anyone write off educational expenses (real estate books, conferences, etc.) against their real estate income?