All Forum Posts by: Debra Mowery

Thank you for your input.  My thoughts were basically the same in that if the $50,000 was used in a due diligence fee that is non-refundable or a fee for the use of the property that did also decrease the cost of the property there may be a deduction allowed or some depreciation.

Regardng the comment on brokers.  I am both a broker and an accountant.  My job is to work with investors and clients that utilize real property for financial growth while looking for creative and legal methods to reduce their tax obligations.  

This appears to be a good forum to get some solid feedback. 

Thanks for your comments

The property is over a million and is an expansion for an existing very successful brewery.  There would be equipment and improvement construction involved.

What if the $50,000 is treated as rental of the property prior to closing or a non- refundable due diligence fee?

I put $50,000 down on a property that I am buying through the owner.  The closing is in January.  How can I deduct this on my taxes?

I am putting $50,000 down on a property I am using for a business expansion.  How do I deduct this payment as closing in after the first of the year?