Are closing costs tax deductible on investment properties?
typically all of the acqusition costs are capitalized when a building is purchased. You can add it to the depreciable amount so it will be expensed over the useful life of the asset.
If you sell the property you can use them as a deduction from your gross profit. Lowering your tax liability
typically all of the acqusition costs are capitalized when a building is purchased. You can add it to the depreciable amount so it will be expensed over the useful life of the asset.
If you sell the property you can use them as a deduction from your gross profit. Lowering your tax liability