If you’re planning on buying a rental property, we hope all goes well and you come out a winner.
But what happens if the deal falls through and you lose your deposit, inspection fees, travel costs, etc.?
The answer is, Uncle Sam is there to help. That’s right. The law says you can deduct your losses if you follow the IRS’s rules.
Want to learn how the tax law can come to your rescue when your rental-property deal goes south? Read my new article titled Tax Tips on Failed Rental Property Purchase.
Three ways our fact-filled article can help you:
- We’ll tell you how to write off your failed capital acquisition costs. These are the costs that you capitalize and add to the basis. If you’ve entered the transaction for profit, the IRS lets you deduct your failed capital acquisition costs as a loss. You’ll get the whole story when you read the full article.
- We’ll explain what to do if your failed business is a start-up. In an effort to make the tax laws more fair, lawmakers have enacted rules that are advantageous to business start-ups. This means if you’re just getting going and your rental-property purchase-plans fall through, you’ll be entitled to some significant deductions. We’ll give you all the details when you read the full article.
- You’ll learn what you can deduct if you’re expanding your business. If you’ve failed in your attempt to purchase a rental property, Uncle Sam has some good news for you. If you’re growing a rental-property business, you can claim an immediate deduction for business expansion expenses. All will be explained when you read the full article.