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?
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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