How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 6111
Experience:  Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
Type Your Capital Gains and Losses Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

I bought a house with a partner in August 2015 for

Customer Question

I bought a house with a partner in August 2015 for cash in Cape Coral FL .
I invested $60K and my partner $200K. in total $260K
After we invested $30K+ in improvements + fees and we tried to rent/sell but didn’t success.
Can I use any on my expenses (buying house, taxes for 2015,paynig to real estate agent and etc.) in my 2015 tax report. as credit?
House still not rented or sold.
Submitted: 6 months ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 6 months ago.
It sounds like most of your expenditures were capital in nature, purchasing the house, improvements, etc., which would be subject to depreciation after you made an allocation between land and building, which would start when you placed the property in service. There would be no depreciation if you are attempting to sell the property. The only think you mentioned that would be deductible as an itemized deduction would be the real estate taxes that you actually paid yourself in 2015.
Customer: replied 6 months ago.
One of my friend asked his tax adviser this question and the answer is written below• HE MAY SHOW LOSS IN SCHEDULE E, IF HIS INCOME LESS THAN 150000:, IF MORE HE NEED BE REAL ESTATE PROFESSIONAL.Also the tax property paid for year 2015 in 03/30/2016 – still can be used?
Expert:  Stephen G. replied 6 months ago.
The statement is true, but it doesn't apply to to you as the property isn't rented. As far as the property tax goes, No you can only deduct what you paid during 2015. You'll be able to deduct everything from the sale when you sell the property.Everyone's tax situation is different; friends are not the place to go for advice.
Expert:  Stephen G. replied 6 months ago.
Just Checking in....................Do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our work.Steve G.

Related Capital Gains and Losses Questions