Question by jeepsusa82: I run a small business, can I deduct the cost of a recently purchased house on my taxes?
Last semester I took a real estate class at the local college and the teacher discussed some people buying real estate as an investment and for a tax deduction. I run a small business unrelated to real estate but recently purchased a $ 40K home as a project/fixer-upper. I am unsure whether I will live in it after it is done or sell it. I currently live with my parents. Both the home and I are in Illinois and I paid cash for the house.
Answer by reggae superstar
There are a ton of deductions you can use from an investment property. All of the improvements and closing costs for example. There are also many more deductions available to the small business owner. See a reputable tax preparer and they will be well worth the expense.
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