Discussion:Buy investment land
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Discussion Forum Index --> Advanced Tax Questions --> Buy investment land
Discussion Forum Index --> Tax Questions --> Buy investment land
| 14 June 2008 | |
| If a client buys land for investment purposes can they deduct the expenses, taxes, insurance, up keep, etc. What if they are a real estate agent and do this for their own investments
Neil | |
RoyDaleOne (talk|edits) said: | 14 June 2008 |
| The expenses for investment property is deductible on Schedule A, some of which are subject to the 2% floor.
Yes, a real estate agent can own investment property. It must clear that is what the agent is doing, not holding it out for sale in the normal course of the real estate agent business. Investment property is still subject to the capitalization rules. So be carefully in this area. | |
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