I paid $20k to a family business to own a percenta...

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I paid $20k to a family business to own a percentage of a rental property. I won't see any returns until property is sold in 5+ years. Can I claim this 20k on my taxes?

 
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Level 7

I paid $20k to a family business to own a percentage of a rental property. I won't see any returns until property is sold in 5+ years. Can I claim this 20k on my taxes?

If you own a percentage of a rental property, you should be reporting your portion of the rental income and expenses. What you might be referring to is the capital gains which you will be reporting when/if the property is sold.

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