If I buy a 2nd home and spend money on it to do it up when can I charge those costs against income?
2006-08-25 08:52:47 · 4 answers · asked by lottie 3 in Business & Finance ➔ Renting & Real Estate
Costs to fix up the home to rent go into the basis (cost) of the house. You can't charge them against income for tax purposes. Costs to maintain the house while it is rented, and any other costs you incur in renting, like fees you pay to an agent to manage the property, are charged against the income from the house. You can also charge depreciation.
2006-08-25 08:58:50 · answer #1 · answered by Dave 4 · 0⤊ 0⤋
from your investment property every penny you spend, you write off from your taxes .
2006-08-25 17:00:04 · answer #2 · answered by bianca 4 · 0⤊ 0⤋
staight away
2006-08-25 09:01:25 · answer #3 · answered by bootlebird01 2 · 0⤊ 0⤋
instantly.
2006-08-25 08:58:53 · answer #4 · answered by ?Master 6 · 0⤊ 0⤋