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 PDtax Your Own Question
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 6461
Experience:  35 years tax experience, including four years at a Big 4 firm.
64119565
Type Your Tax Question Here...
PDtax is online now
A new question is answered every 9 seconds

Business Tax Deduction - 1. Joint filing taxpayers decide

This answer was rated:

Business Tax Deduction -1. Joint filing taxpayers decide they are going to invest in residential rental property.
2. For the 2019 tax year, they have incurred cost such as inspection fees, due diligence foregone, appraisals, etc.Q1 - can these expenses be written off in any way for 2019?
Q2 - if not, can expenses be carried over until purchase of first house?Thanks,
JW
I'm PDtax. I'll assist.
Since these are pre-business expenses, they are considered startup expenses. They get special tax treatment.
You can deduct up to $5,000 in such costs for 2019.

Thanks for asking at just answer. Positive feedback is appreciated after review, five stars is best. I'm PDtax.
Customer: replied 14 days ago.
should i create a schedule C or E to record the start up cost
I would use C. The business is real estate management until a property is owned.

PDtax
PDtax and other Tax Specialists are ready to help you