tax write offs for new house not finished/rented?
Newbee, who needs tax advice. I am building a new house (old house which was never finished) with the intention to rent it out for years. I am funding the project with private money until it is complete. When done will get a standard 30 year mortgage with a cash out to pay back what I have put into the project.
From what I think I understand is the costs to build the house I need to deduct over 27.5 years or something like that. So the costs I have spent so far towards building the house are (blueprints, permit fees, septic/well costs, labor/materials). Can I deduct any of these cost when I do my taxes in a month for 2013 or do I have to wait until the house is done and rented? I bought this house 12/28/2012 so I have had the house for almost a year and I have at least 4 months left before it will be completed/rented.
Second question, how about costs I have spent that don't really have anything to do with building the house (interest paid on private money used to fund project (HELOC on personal home), community just had roads redone so each home owner had to pay $2,000, property taxes (I paid all of 2013 taxes, and had to pay half of 2014 taxes already). Can I deduct these costs on my 2013 taxes?
Third question, When I did my 2012 tax returns I did not consider any of the closing costs I paid when I purchased the property (title search fees, transfer fees, real estate broker fees, etc…). Can I somehow write these off on my 2013 taxes or is it too late?
Final question, I have always done my own taxes because they were pretty simple using turbo tax, but I also never had an investment property. Since I just have this one property going on should I seek a professional CPA, or can this be done simply? If I should get a CPA should I look for one that specializes in real estate?
Thanks