real estate tax deductions

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This topic contains 1 reply, has 2 voices, and was last updated by Stacy Johnson Stacy Johnson 9 months, 2 weeks ago.

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  • #161660
    tjm039
    Participant

    Hi- I am thinking of investing in turn key real estate to diversify. I am not eligible to take passive loss deductions, so what can I deduct? Can I deduct mortgage interest, real estate taxes, repairs etc down to break even, but just not to a loss? Thank you.

    #161663
    Stacy JohnsonStacy Johnson
    Moderator

    Yes, I believe that’s the case. (Check to make sure.) Your unrealized losses increase the basis of the property, which will lower the capital gain when you sell.

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