Fluther: How do I set up an investment property for tax purposes?

Asked by venkocaj (1

) November 20th, 2008
3 responses
“Great Question” (0

)

I puchased a condo as an investment. How do I account for the costs and income associated with this property on my tax return.

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Answers

Schedule C, and consult a lawyer or accountant who specializes in taxes so that you don’t screw it up.

cwilbur (14236

)

Keep scrupulous records:
Income
Expenses
In addition to cwilbur’s advice, the IRS might have specific booklets on properties.

jvgr (1940

)

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