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Home > Money & Services > Taxes   »   Filing taxes on a rental property

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Old May 14, 2008, 10:10 AM
verhoff
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Filing taxes on a rental property
Hi, last year I acquired a rental property from my relative and have a land contract for a yea with a balloon payment this summer (1 year mark). The land contract was not verbal it was drawn up by a lawyer and recorded at the county court house. I understand that he has given up all his tax benefits and they now become mine. And that I can claim for all the repairs I had to do in 2007. Is that correct?

Thanks for your time,
Dennis

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Old May 14, 2008, 11:44 AM   #2  
AtlantaTaxExpert
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Dennis:

That is correct. You can claim all of the repair costs as long as your intent is to put the property up for rent.
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