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Posted by Gil Faver on January 22, 2008, 12:20 am
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>> Katie wrote:
>> > On Jan 21, 4:07 pm, lakep...@yahoo.com wrote:
>> >> Hello,
>>
>> >> I am a single owner of a LLC. I bought a real esate property in
>> >> 2007. I have not made any income from this property, but have spent
>> >> quite a bit of money fixing it up. I have reported on my tax form so
>> >> far the interest I have paid to the bank for the loan I took out to
>> >> buy this property. Do I need to file a schedule e also to report the
>> >> money I have spent on this property? Also, are their other forms that
>> >> need to filled out per my circumstance?
>>
>> >> Thanks.
>>
>> > Find a CPA or Enrolled Agent to help you with your tax return this
>> > year. That way you will get started off on the right foot!
>>
>> > Katie in San Diego
>>
>> Katie, would you capitalize the interest, inasmuch as the property is
>> not yet being rented? grin
>
> The OP describes investment interest which isn't deductible unless he/
> she has net investment income.
so, with no net investment income, is it capitalized or carried forward?
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