If I closed on an investment property in 2019, can I deduct costs spent in 2018 to aquire the property?

absedp · ‎June 1, 2019

Bought a house in NC in January 2019 and am renting it out. Can I deduct travel cost (air fare, hotel, ect.) associated with finding the property? If so where?

MinhT · ‎June 1, 2019

You cannot deduct any expenses incurred in searching for the property as rental expenses. However, you can add these expenses to the cost basis of the property.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

MinhT · ‎June 1, 2019

You cannot deduct any expenses incurred in searching for the property as rental expenses. However, you can add these expenses to the cost basis of the property.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

If I closed on an investment property in 2019, can I deduct costs spent in 2018 to aquire the property?