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Ashley Zhang
  • Accountant
  • CO
23
Votes |
195
Posts

Tax break in new construction investment

Ashley Zhang
  • Accountant
  • CO
Posted

I've been doing research on this topic for a while, but still didn't have a clear picture. I built a new SFH in 2019 for sale and hasn't been sold yet. So my question is that are there any tax break i can take when filing 2019 tax? It will be on my individual tax return since i didn't setup LLC for this property. Second, will that be more benefit to take deduction when i sell it in 2020 if i can? I know many people recommend talking to a CPA. Be honest, i am a CPA myself, however, i didn't do tax, i wouldn't know better than an experienced real estate investor. I have classmates working in CPA firm, but not specialized in real estate, and they actually told me the wrong info. I would like to gain some knowledge, since i am an accountant, i should get it fairly quick. Thank you ahead for any comments!

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