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Updated about 12 years ago,
understanding what i can claim as tax right offs
I just purchased a house that was never completed. The house was framed up, put under roof/ windows, siding, windows but the inside was never finished. The inside is just bare studs (no insulation, plumbing, HVAC, ETC…). I bought the house one week before the end of the year. My only expenses for 2012 are all my closing costs, and a small amount of materials I purchased to fix a couple things on the property, plus I had to pay back the previous owner 6 months in property tax because they pre paid it for this year.
This new year I will be putting about a 100k more into the property to finish the house.
My question is this is my first investment property and I am not sure what I can write off and what I cant. Should I go to a professional tax accountant, or are some of the “turbo tax” type programs helpful in walking you through what you can right off. I am not trying to get greedy or do anything illegally but want what’s rightfully mine.
Any replies would be helpful.
Thanks