Hello,Does anyone know if you can take a tax deduction for closing costs on the purchase of a rental property? 

We are still fine-tuning but the price will include the entire conference experience: (3) nights at the all-inclusive resort + access to keynotes, breakout sessions, guided networking, opening event, closing event, exhibit hall, author signing, and more! 

Hey guys, I wholesale full-time and recently started here in Upstate NY, I have some questions for someone familiar with real estate law/wholesale here and closings and will appreciate any help!

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Good question.When you get a primary residence mortgage, the promise you make at the closing table is to personally owner occupy for one year.

Most of my tenants pay close to $20,000 a year in rent, it’s a small price for me to pay to ensure their safety. 

It has been over a year since we closed and we are still awaiting final approval.

What I suspect is that you "inherited it" but that when you transferred title into your name the deed showed $1 because that is allowed for close family transfers and avoids state transfer tax aka tax stamps on the sale.

Closing is 24th -- I want to go back to them with something concrete rather than arbitrarily say "As is, take it or leave it".

We just helped close a purchase for a client purchasing a second home on the Oregon coast.