Oh, can you also deduct taxes while you're lease optioning the house as a buyer/tenant?

Basically its negative cash flow for now but i do get the deduction for my losses at the end of the year as well as the interest paid.

The ACV policy, including 500K liability and 2500 deductible will cost me less than $400 per year.

In Nevada we could levy past due fees.

Originally posted by Matty M:Originally posted by Don Levy: It is now lower than anytime since October 2002.

On the other hand, having a properly formated entity could provide some additional tax deductions and liability protection, of course you should consult with a RE tax attorney on this subject.

New roof and siding at no cost to you (outside of deductible) is certainly not a bad thing when you're trying to sell a property at a profit.

I am looking at a property that has a negative cash flow, but the tax savings through deducting my losses and depreciation more than make up for the negative cash flow.

does the attorney fee count as a deduction?

I would hesitate to give a specific point deduction because so many factors go into the score.