This of course assumes that this property was not acquired in a 1031 exchange.However, any costs incurred to acquire your mortgage (if you have one, which it sounds like you do since you got an appraisal) should be amortized over the term of your mortgage.Also, there are some costs on your closing statement that you may be able to expense immediately.Also, it's possible that you incurred some additional costs that increase your basis in the property post-acquisition or possibly even pre-acquisition.You may also have start-up costs that you may deduct up to $5,000 (assuming you don't have in excess of $50,000 of these costs), the excess being amortized over 180 months.Check with your tax professional.

Professional background:Graduated college in 2010 spent 5 years in the management consulting industry at Accenture in DC area and I’ve been working for a healthcare startup since 2015 here in Dallas.

Alternatively, an S corporation would treat those expenses as start-up expenditures under IRC Sec. 195.

(I'm an investor/partner for a software/IT startup on the side but I don't even know the first thing about coding).

Whats a good way to get start up money for a low deal ?.

I am a part of a startup that has built a smart property management platform that enables move-in-ready smart apartments.

But is it a good idea to start at 18 (currently 17) to make my own start up company based around flipping houses?

So, I have found a foreign investor interested in forming a PV with me as a startup.

So, I have found a foreign investor interested in forming a PV with me as a startup.

I currently am a homeowner and I am interested in learning more about how to start up rentals.