Posted by Ellen on January 06, 2003 at 14:31:04:
Some of your start up costs have to be amortized, and some of them have to be capitalized and added to the cost of the property. I can personally recommend John Hyre’s bookeeping course to you as a source to answer some of your questions, as well as an invaluable chapter on depreciation. It should prove to be especially beneficial to you if you are purchasing your first property, an 8 family at that!
Deductions and Suggestions on RE Tax Books, Guides - Posted by Scott Nelson
Posted by Scott Nelson on January 04, 2003 at 09:49:51:
Hi, I’m new to investing and have incurred various costs in 2002 related to mileage, books, courses, association fees,loan fees etc. while looking for Rehabs and Rental property. I close on my first property (an 8 family) on 1/15/03. Can I deduct these startup costs as a business expense even though I’ll have no income until 1993?
Also, does anyone have any suggestions for books or other publications that cover areas such as how to take advantage of tax laws etc. and strategies that maximize deductions, etc., i.e. ones that go beyond just stating what the laws are but give you effective strategies, etc. Thanks