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

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.