Tax question -first rental purchase

[Mike Klingshirn]

We purchased our first rental on dec 14 2018. It was a 203k so not rented until Feb 20 2019.

Can we claim down payment, inspections or closing costs as a deduction/credit?

Thanks!

[Janeen Bertolina]

I recommend a Nolo book by Stephen Fischer . The title is something like Tax Deductions for Lanflords, or something similar. I learned a ton from it. Easy to understand and well written.

You cannot deduct your down payment or inspection costs from your taxable income, regardless of the dates. Some closing costs are added to your cost basis, and you can learn all about these things in that book.

Btw, I’m not a CPA.