In general, the IRS will let an investor deduct ordinary and necessary expenses that are needed to manage, conserve, or maintain the property. Since Most of the taxpayers who come into our Richardson tax office with real estate investments are taxpayers who use the cash basis of tax reporting, costs would be expensed in the year paid. If you … (0 comments)
Last week we covered reporting Rental Real Estate activities on tax returns. This week we’ll give an overview of Expenses. Next week, we will cover depreciation separately and we will continue to cover various topics pertaining to Rental Real Estate over the coming weeks.
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