I’m not sure why no one answered your question newbie. If you would have asked a question like “which guru course should I buy” I am sure you would have recieved a ton of responses. The answer to you question is yes, everything you spend to buy that property and repair it is a deduction. I even deducted my fuel expenses when I drive to a rehab from work. Totally legal, at least it was the year I was audited! Ask your CPA…if you don’t have one, get one.
Posted by Excited Newbie on November 12, 1999 at 23:06:41:
Well we finally purchased our first Fannie May forclosure and are in the process of renovating the property. Does any one know if all of our fix up expenses are considered when we flip the property? We have no intentions of renting the property we are just interested in fixing and flipping. We should net about 12k out of the deal!