A couple of tax questions!
first I'll admit I have a sick obsession with doing and understanding my own taxes. I'm trying to plan a couple of situations and I'm hoping the experts can chime in.
1. What are the tax advantages of paying all closing costs when purchasing a property vs paying traditional cost? Assuming acquisition costs are the same. Or is the only advantage in that the seller will clearly see what they will walk away with.
2. Are marketing costs tax deductable/ expensable? I have one rental and I am doing direct mail to acquire another one. I know if I had a wholesale company ( I don't) they would be a business expense. Do I have to buy a property in the year the marketing expenses where made? Or are these expenses not deductable/ expensable and considered part of finding a good deal? Milage to buy supplies for mailings?
Thanks!
Mike