Wow; taxes , write offs, expenses are not as easy as you think
Amazing! if you think buying a flip and rehabbing are complicated then wait until you get into the accounting portion. Determining the many ways to take advantage and properly expense everything can make your head spin.
I bought a house with the intention of flipping in September 2017. Listed it April 2018 but ended up renting it in May 2018.
I'm trying to figure out: the property taxes I paid; do they fall under the category of cost basis or an expense?
What about all the mileage when I sought and bought the house? cost basis or expense?