Profile picture for laurencerausa

Taxes deuction, capital gains etc

I just bought a property as is a month ago. Some repairs were necessary for the property to be rented. New flat roof ( the other one had less than a year expectancy), new a/c, new water heater, ( those were missing in the house). I bought some new appliances sinces there were missing too, the pool needs to be rescreened, and the bathroom are going to be remodeled. How does it work with the taxes since the property will be rented next month? Can i do any deduction of my expenses, or can i depreciate or everything is consideredcas capital work gain? Thank you
  • September 23 2011 - Tampa
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Answers (3)

Profile picture for sunnyview
The IRS has a page with helpful links and info on rental property expenses and deductions here. You may also want to ask a CPA for more help.
  • October 23 2011
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Laurencerausa,

You should be speaking to a CPA when you ask this question. as Realtors we cannot give legal or financial advice! 
  • October 21 2011
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Profile picture for wetdawgs
Here's a link to the appropriate section of the irs.gov website to get you rolling.
  • September 23 2011
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