A few questions for starting up

[Cody Skidmore]

Hello everyone! I had a quick question regarding tax deductions that I wanted to try to get an answer to. I plan on putting a home office in my house and had read in BP's "tax strategies for the savvy real estate investor" (which is an amazing book by the way) that you did not need to have an LLC or business entity to be able to write off the cost of putting the office in.. I just wanted to verify that I would be able to do this and not get stuck in the end without being able to deduct it.. Any input regarding this matter would be greatly appreciated.! , Also, as far as flipping goes I'm really only able to write off my gas, mortgage interest, taxes, etc.. Correct? Just want to make sure I'm covering all my bases before I dive in! Thank you in advance!!

[Nick Davey]

Hi Cody,

These are very specific questions and I would recommend you connect with a CPA and review your personal situation and goals to determine what should or should not be 'written off'. From personal experience, I have read several books on tax advantages and strategies and thought I should go one direction but when talking to my CPA I discovered that my reality was slightly different. I know there are several CPA's who have been guests on BP podcasts that have been very knowledgeable and know there are many other reputable firms available as well. Remember that the BP books are meant to raise awareness of what is possible, but consulting professionals helps you fit it to your model in detail.

I suggest you find a CPA firm that you are comfortable with who can give you professional advice based on your personal scenario. Google is one of your best friends here. :)

-Nick