Will this raise a red flag with the folks at the IRS?
I make about $31,500 a year. I just started in real estate investing in September and we're
about finsh with a house we bought. We wont be selling it until January but I have roughly $8000 of
stuff I can write off. I'm assuming I can write them off because they are stuff I bought from Home Depot to fix the house we're renovating. I have ALL my receipts but the thought of being audited is not something I wish for.
Also, I'll probably have a CPA do my taxes but just for my own information, which form in conjunction with my 1040 would I need to fill out to list my write-offs?
I make about $31,500 a year. I just started in real estate investing in September and we're
about finsh with a house we bought. We wont be selling it until January but I have roughly $8000 of
stuff I can write off. I'm assuming I can write them off because they are stuff I bought from Home Depot to fix the house we're renovating. I have ALL my receipts but the thought of being audited is not something I wish for.
Also, I'll probably have a CPA do my taxes but just for my own information, which form in conjunction with my 1040 would I need to fill out to list my write-offs?