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Updated over 16 years ago,
Creative tax write offs as investor
Have another question fo rall you guys..
Tax time...Let me give you a run down..I purchased a place this year as I posted before. I am renting section 8 and filled out the w-9 form. i am postive cash flow, and want to off set that. I also have a regular job which I get a w-2 form..
Now my question is, am I able to write off all the expenses that I put inot the place in order to make it up to code and able to be rented?? Carpet, paint, plumbing, electrical as long as I can truely account for all the receipts?
I know I can write off the mortgage interest and the taxes I pay.
I put some money in this house to get it liveable, so it wasn't unnessasary repairs..
My next question is next year, suppose I don't make any repairs(Which we all know isn't going to happen) and I collect say 11k from section 8, but only have say 4k in interest payments and maybe 3k in taxes, how do you come up with more write offs to offset the remaining 4k?? I will sit down with a real estate accountant if need be, but I have a guy who does my taxes..I would just like to know any ways you guys have come up with to lower your tax burden.. thanks