Tag Archives: #investmentproperty

Tax Court Finds Secondary Residence Not Converted Into Rental Property To Allow Ordinary Losses

The Tax Court has held that a married couple did not convert their secondary residence into property held for the production of income. Consequently, the taxpayers were not entitled to an ordinary loss deduction. Take Away. Property is no longer … Continue reading

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Tax Treatments of Closing Costs and Other Items When Purchasing Investment Properties

When purchasing an investment property, most investors understand the closing statement (HUD-1) and the immediate financial impact each line item has to them upon purchase of the property.  What seems to be an area of confusion, is the tax treatment … Continue reading

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