Posted by john on September 24, 2004 at 05:32:57:
Keep reciepts and document everything. You are allowed to to deduct all expenses.
selling price - expenses = profit on which you are taxed
consult a tax advisor or CPA as I know nothing
How much expenses am I allowed … - Posted by DS
Posted by DS on September 23, 2004 at 22:59:53:
How much expenses am I allowed to make on a single deal?
Repairs
Materials
Advertizing,
postage
etc.
Are there any limitations?
I am working on a fixer and it is sucking a lot of money so I would like to know if I incur a lot of expenses will I deduct all of them or a portion of them?
Thank you for your help!
Re: How much expenses am I allowed … - Posted by Randy (SD)
Posted by Randy (SD) on September 24, 2004 at 10:35:01:
no limitations…deduct them all. In fact you will be able to carry your loss forward.