General Question

venkocaj's avatar

How do I set up an investment property for tax purposes?

Asked by venkocaj (1points) November 20th, 2008

I puchased a condo as an investment. How do I account for the costs and income associated with this property on my tax return.

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3 Answers

cwilbur's avatar

Schedule C, and consult a lawyer or accountant who specializes in taxes so that you don’t screw it up.

cwilbur (14236points)“Great Answer” (1points) Flag as…
jvgr's avatar

Keep scrupulous records:
Income
Expenses
In addition to cwilbur’s advice, the IRS might have specific booklets on properties.

jvgr (1940points)“Great Answer” (0points) Flag as…
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