Tax help for new rental property owner...

Asked by Simon Weierman, 45036 Thu Feb 5, 2009

I am about to purchase a small second home and set it up as a rental property. Will the new Senate bill providing 15K deduction from your gross income on your taxes for new home purchases apply in this scenario? Also, I am likely to make a large number of improvements up front....any way I can deduct these expenses or is this not possible (only repairs applying)? Thanks.

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James Gordon…, Agent, Hamilton, OH
Fri Feb 6, 2009
Simon I would recommend that you talk to a tax professional that is familiar with real estate not all are. There may be some things that you can depreciate at a quicker rate than the home. As for the Senate bill we will all have to see what the final bill that is signed into law says.
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