Little kids always wanted my "empties" - they re-purposed as gasoline containers.

Short question: Can the interest from a hard money loan be used for tax purposes the same as a conventional mortgage?

Now when we buy replacement property, we would be buying in the name of LLC with it's own EIN and would be treated as separate entity for taxation purpose.

I don't know if there is a limit on how long that can be, but I would imagine too long would defeat the purpose, I haven't heard of one longer than 5 days. 

As a note, Fidelity does not keep track or "police" your contributions so I suggest that you keep track of that for tax reporting purposes. 3) The checks have both our names at participants and the Trust name is also listed (you will set this up under a dedicated 2nd EIN number separate from your existing business's EIN)4) If my wife decides to invest in a permissible investment she simply writes the check.

I wrote the above for informational purposes.

I wrote the above for informational purposes.

. :) Add it to your holding cost in the original estimate and be mindful of the purpose.

Weeks prior to his passing, Coach V gave one of the greatest speeches that I listen to on my way to work 5 days a week and I am moved to tears every time I listen.If you have 5-6 minutes I would like to share a part of Coach Valvano's speech at the  that helps me remember my purpose, forget my petty frustrations, and take on my days with a sense of inspiration and hope. 

Bottomline: Tax/P&L  treatment is different compared to the numbers when you analyze the deal.Although you are treating the closing cost as an initial investment(same as equity), for the P&L purpose and eventually tax purpose, you get to deduct some of the closing cost, such as insurance and taxes, and some get added to the basis of the property.