Home Buying in Sylmar>Question Details

Noelle Warren, Home Buyer in Van Nuys, CA

Are the land leases a tax write off? Agents push this statement, but according to the IRS these leases do

Asked by Noelle Warren, Van Nuys, CA Sun Jun 15, 2008

not meet all of the qualifications in Santiago Estates

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Answers

2
Hi, Noelle. Definitely consult with a CPA and/or tax attorney. You would definitely want to be sure that it is deductible before you use it as a deduction. If you do not know a CPA I will be happy to get a name and number for you to call.

All my best,
Dot Chance
Keller WIlliams Realty Studio City
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Tue Jun 17, 2008
Hello Noelle,
I can tell you from experience that while it does not appear that Santiago Estates qualifies to write off the land lease, several of the homeowners who live there do write it off. Obviously every person and situation is different, so I would recommend contacting your CPA to have them review your specific circumstances.
0 votes Thank Flag Link Mon Jun 16, 2008
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