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Updated over 9 years ago on . presented by

User Stats

400
Posts
306
Votes
Ash Patel
  • Full time investor
  • Cincinnati, OH
306
Votes |
400
Posts

Last min purchase to offset short term gains?

Ash Patel
  • Full time investor
  • Cincinnati, OH
Posted

I have a commercial property for sale that will likely net $70k in short term profits.  I will do my best to close on the one year + one day mark but that is four months away.  I would love any advice on reducing my tax burden.  I know how vehicles write-offs work with depreciation and leases write-offs.  What I don't know is can I purchase a vehicle for this one property between now and the sale date, then write off the entire amount when the building is sold?  I own other properties if that makes a difference.