John asks…Buying investment property and tax deduction?I am planning to buy an investment property, like a new condo, and to rent it out in the future when it is built.
My question is if I borrow money to pay for the down-payment for the new condo and it will not be completed at least for a couple of years, then can I deduct interest for the money I borrowed for down-payment as it is not generating any income yet?
Thank youadmin answers:The quick answer is yes it is deductible, but because it is considered a soft cost the actual cost
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