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Updated over 8 years ago on . Most recent reply presented by

Ryan Keenan's profile image
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Ryan Keenan
  • from bethel, ct
  • Member since May 27, 2015
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Ryan Keenan's profile image
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Ryan Keenan
  • from bethel, ct
  • Member since May 27, 2015
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Ryan Keenan
  • bethel, ct
57
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335
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Tax, SDIRAs & Cost Segregation

Claiming improvements on your taxes

Ryan Keenan
  • bethel, ct
Posted

hello BP, question about doing my taxes this year.. I bought a duplex and took out a 20,000 loan to fix it up.. I would like to buy another property this year and need every penny of income to help show the bank to qualify. My question is should I claim the 20,000 that I used to fix the house and if I do will it somehow lower my income on my schedule A?

Thanks

Ryan

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Jana Cain
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  • from Richmond, CA
  • Member since Sep 6, 2016
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Jana Cain
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Jana Cain
  • Enrolled Agent
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Jana Cain
  • Enrolled Agent
  • Richmond, CA
Replied

You should also be allocating based on square footage, in the event one side is bigger than the other.

  • Jana Cain
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