Client has expenses in 2021 for purchasing investment property which did not close until 2022.
Where can i take these expenses this year.
Start up expenses (up to $5000 in year available for rent) Balance up to $50000 amortized over 15 years.
See link for easy reading, or pub 535 for official rules.
https://www.nolo.com/legal-encyclopedia/deducting-expenses-you-incur-before-your-real-estate-busines...
You had already asked this, here:
https://proconnect.intuit.com/community/tax-talk/discussion/real-estate-investment-deductions-for-re...
This is not Customer Support; it's peer users. There is no need to keep starting new topics on the same issue. I flagged your first post on this issue to be deleted.
Or, depending on the nature of the expenses, they get capitalized as past of the cost basis of the property.
In the other post OP said they did not buy the property. I was in no mood to research failed/abandoned investment costs.
Thank you. I will look it up this way. Appreciate your answering
