Taxes...Rehab Investor...LLC
2004 my partner and I bought a property, rehabbed and sold it....We each have equal shares in the LLC.......My partner put up the money for the purchase....materials...mortgage payments etc. At closing the attorney issued a check to my partner for all monies he had spent. The attorney also issued a check to the LLC. The money in the LLC was split 50-50 between my partner and myself. Question, may I deduct 50% of the cost of the purchase and rehab on my taxes ?
Thanks...
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