And now....since it's an "income" instead of a "crime", won't every trip to the head shop be tax deductible?

A traditional IRA was tax deferred, meaning you received a tax deduction in the year of the contribution.

yes..........IRS form 1098you will be entitled to deduct interest paid.Make sure your Sub2 addendum states this as well, I've copied and pasted the exact verbiage I use on my Sub2 contracts:Interest Deduction.

I went on the IRS website and read the Publication 527.

I want to know if a Gift Card bought at Home Depot and is given to a tenant for home repairs would that constitute as a repair expense?

A repair is defined as ...

For example, could any losses experienced by the LLC (of which youare owner) be used as deductions on personal income?

What are some creative ways to meet the requirements for claiming land as a farm for tax purposes, allowing me to deduct all related expenses?

I'm far from an expert, but i did just read about this type of thing in a Nolo legal book about Tax Deductions for landlords.This may depend on how you hold tiile and do business.

Im scrambling to do my taxes.What deductions should i remember to make, or what little known deductions can i make as a wholesaler/investor?

(although I don't think landlording is a great place for beginners to start, Mike is great at systems and preaches it like I do)Wendy Patton has one on Lease Options and Sub2's...Brilliant deductions is a must read, and so is Inc. and grow rich....Richest man in babylon.. and rich dad poor dad and the cash flow quadrant..You'll likely get info overload when starting.. depending on your passion...Pay attention to the fundamentals and don't get caught up in the technical..Once you've done that.... then start looking to invest...Their are basically two paths to investing....

And Land Trusts can raise red flags when your final buyer goes to refi, esp. if the title's not seasoned, I have done many sub2 deals, the only notice I've ever gotten from a lender was that, since someone who's not on the mortgage is making the payment, I may not be entitled to the interest deduction.