BRRRR taxes advice
Hello! I'm looking for some advice and guidance. I recently purchased my first rental property in 2023 for about 130k. I'm going to put about 60k into it. It's in my name and not an LLC. I plan to convert to an LLC after I refinance. We are just wrapping up on the rehab and plan to rent it out in about a month. Then I will plan to refinance. My question is about taxes. How does it work with taxes and write offs? Am I able to write off 60k worth of rehabbing for depreciation upfront or does that get spread out? I'm wondering for taxes for 2023. If you have any advice or CPAs for Indy that would be great. Thank you!
Most Popular Reply
@Steele Kruzel If you don't mind driving to the south side check out Kristel's Tax & Accounting. It's a great small business. We filed with them last year and learned so much. They had answers for our questions and gave us advice for tracking our expenses. Tell them I recommended you... I'll get nothing out of it. Cheers.