Just a quick question, can't find a simple, direct answer online:
This year I purchased 3 rental properties, paying cash. Do I deduct the entire purchase price (from the HUD-1 statement) and rehab cost for the house all at once or do I split it up over a period of time?
So, do I deduct (example) 20k, 20k, 20k for each property (-60k) or do I write it of over a period of time (-60k/10 years= -6k per year).
Sorry for the noob question, but right now I have a -38541 loss on my rentals, making my tax return look like a mess.
Thanks!
Brad