. , Yes, Sec 179 is elected when you file a tax return.

McLaury, Assistant Vice President of Commercial Lending, Midwest Regional Bankwww.mwregionalbank.com

Thanks @Nathan Gesner, do you know if "Safe Harbor Election for Small Taxpayers" will apply in this situation where we can duct up to $10,000 for repairs/improvements in that tax year?

Jimmy Carter was one of the worst presidents we have ever had.

I have asked my accountant and others online and some say I CAN deduct the interest on Schedule E by "electing" to 'trace' the amount to it’s actual use.

We’re going to chat w/ the HOA president and neighbors this week, but unless I end up feeling much much better about the risk we will likely let this one go.

If you've elected to have the LLC taxed as an S-corp or C-corp matters are more complexTransferring the property to an LLC, regardless of the type of deed, does violate the due-on-sale clause in your mortgages.

His 'New York' property etc taxes are $40k, he pays $11k for elect but has a free gas well.

Absolutely," said Long Beach broker Dick Gaylord, who becomes the 2008 NAR president next month.

Justin Van Riper I agree with both Ned Carey and Steven Hamilton II, S-Corporations - or better yet, an LLC with a S-election - are the way to go for someone who does wholesaling and/or rehabbing.That being said, remember that only the amount over and above your reasonable salary will escape the tax.