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Answered in 12 hours by:
3/2/2023
emc011075, Tax adviser
Category: Finance
Satisfied Customers: 10,978
Experience: IRS licensed Enrolled Agent and tax instructor
VerifiedHi. My name is ***** ***** I will be happy to help you.
Loan interest on purchase of a property is currently deductible but not until the property is ready to be rented. Any interest paid while getting the property ready for rent is added to the cost basis and depreciated over 27.5 years.
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