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jhall005
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Expenses Rental Property Purchase

I started looking for rental properties July 2016 through end of year. Found one in 2017 signed contract and it fell through.

I have all the expenses for looking for property in 2016 and I created a sole proprietorship in order to claim those expenses. 

How do I do it in Turbo Tax

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Expenses Rental Property Purchase

Generally, No deduction is allowed for travel in a general investigation or search for new business or investment opportunities.

If you are traveling to explore a specific investment opportunity and you make the investment, your travel expenses are not deductible; they are added to the basis of the investment.

 The costs you had before making a decision to acquire or begin a specific business. These costs are personal and nondeductible. They include any costs incurred during a general search for, or preliminary investigation of, a business or investment possibility.

    The costs you had in your attempt to acquire or begin a specific business. These costs are capital expenses and you can deduct them as a capital loss.

http://www.irs.gov/publications/p535/ch01.html

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