Profile picture for cashflow2011

If I pay for my rentals contraction is it taxable?

I`m going to buy some rental properties soon. If I have to fix up it can be a business expense and taxable right?
  • February 16 2011 - Chicago
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Answers (5)

Profile picture for Matt Laricy

Best person to talk to about your own finances is your accountant.

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  • February 16 2011
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Always check with an accountant, but, fixing, insurance, auto expense, contractor fees, 1/2 of meal cost, etc

  • February 16 2011
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Profile picture for gslow1
Check with your Accountant to be sure you are following all proper guide lines.
  • February 16 2011
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are you buying them under the corporation name that is going to take the expenses as deduction? the income would also perhaps need to be taken under the same account.

of course.. talk with an accountant before purchasing anything. will there be a loan involved? etc etc.. lots of questions.

get a good accountant... it will change your life. !
  • February 16 2011
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Yes you can deduct some expenses relating to the maintenance and improvement of an investment property. You can also depreciate it over time which can lower your potential taxes, but if you plan to buy a few of them you should speak with an accountant to get more of the details.
  • February 16 2011
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