IRS TAX REDUCTION - Posted by larry kinney

Posted by John Behle on February 21, 2000 at 20:13:56:

This question would have a better response over on newsgroup 1. Several CPA’s and tax experts frequent that newsgroup.

IRS TAX REDUCTION - Posted by larry kinney

Posted by larry kinney on February 20, 2000 at 20:34:22:

I’m doing my first rehab & was wondering if
any building supplies, tools or closing costs
will be duductable on my 1999 tax return even
though i won’t sell house untill 2000? Is
parttime real estate rehabing (not rentals)
considered a small business. How can i find
a really knowledable realestate accountant?

Re: IRS TAX REDUCTION - Posted by Laure

Posted by Laure on May 07, 2000 at 07:26:03:

If you are a C Corp, then tools are expensed out, I believe. I got Turbo Tax for business this year to get a handle on some of these questions myself. I suggest you get it and run your deals through the software to see what happens. Improvements in your real estate will be depreciated, not expensed, until the sale.

Laure :slight_smile: