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Can I deduct the cost of the coach/mentor I hired to help with acquisition of properties to start my rental properties business?

I hired a coach to reach me ropes of acquiring property to use as rental properties.  Are those fees deductible?  If so, where do I include those expenses in Turbo Tax Schedule E section? 

1 Reply
Hal_Al
Level 15

Can I deduct the cost of the coach/mentor I hired to help with acquisition of properties to start my rental properties business?

Yes and no.

Money you spend prior to acquiring and renting property is part of your acquisition costs. That is, the cost is added to your investment in the property and depreciated over 27-1/2 years. You put all the cost to your first property or spread it out over all the properties you bought that year.

Money you spend after placing your first property in service can be deducted as Legal and Professional fees (line 10 of schedule E)

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