Posted by skillet on February 09, 2002 at 21:56:43:
Kevin,
Get “Loopholes of the Rich”, a book in the Rich Dad Series. It has all kinds of examples of things that can (legally) be deducted.
Also, spend the money and get a good tax advisor. They will save you many-fold over what you pay them.
A general definition of what can be allowed as a business expense is that expense which is ordinary and necessary in carrying on the trade or business. The afore-recommended tax advisor can help you figure out what that is.
tax benefits im a newcommer - Posted by kevin roach
Posted by kevin roach on February 09, 2002 at 19:02:47:
I am aware that a person can take the interest off of 2 properties on their taxes, but i don’t know what happens after a person aquires more than 2 houses. lets say 20. these houses would be aquired for investment purposes. What kind of tax benefits would i get on those other houses??? is the interest still tax deductible?? What expenses are allowed to be taken off my taxes??