Is it possible to purchase real estate as a partnership LLC and have all the deductions be unevenly split between the partners? 

I'm looking at a deductible, holding costs and a new listing after the repairs are complete. 

It costs $650 for an investment property and the rest (deductibles, limits, etc are fixed). 

Maybe not if the correction is steep enough4) Interest deductions are going away with new tax law correct?

Asking price for a 2BR was a bit too high based on comp rents to get to our investment parameters but since the owner had no plans to use the property, I offered his purchase price in 2017 + 6% (commissions to agents) + $1,000 (assumed deductible on insurance for new roof), effectively getting a turnkey property without paying for the updates.

Can I use this to deduct 'business expenses' and receipts against?

Hi BP,I have a friend of mine bought a land through tax foreclosure auction...he bought it without doing any due diligence ahead of time, anyways he found out its a very small lot and worth nothing if he is trying to sell.The appraisal value is $12k and he paid a bit less but no body would buy such lot on the market...somebody told him to donate the land to the city or the county or some sort of organization that helps people and file it on his tax return as deduction. my questions are: 1- Any suggestions who to target to donate the land 2- If he donated the land can he file it as a loss or deduct it from his tax refund at the end of the year...he is entitled to pay some capital gain taxes on other properties he sold so this deduction will definitely help.3- If point 2 is doable will he be able to file based on the appraisal value $12k?

Find out if there are any special assessments currently levied, or if they anticipate any soon, whether or not there are any lawsuits within the association and of course whether or not they even allow short term rentals because some don't.

Property is a 1950's built and possiblity is there they will find such material. my insurance deductible is $5000Manu thanks for your response, Gary

This year one can not claim the insurance as tax deduction.