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Updated over 3 years ago on . Most recent reply presented by

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Debra Mowery
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Tax, SDIRAs & Cost Segregation

Taxable Deduction of Deposit?

Debra Mowery
Posted

I put $50,000 down on a property that I am buying through the owner.  The closing is in January.  How can I deduct this on my taxes?

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Bill B.
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Bill B.#3 1031 Exchanges Contributor
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Bill B.#3 1031 Exchanges Contributor
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Even if you put the money down today it’s not a tax deduction. You aren't spending the $50,000.  You’re purchasing an investment. Get your tax guy on board. It certainly sounds like you’re going to need him/her next year anyway. 

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