Contract for Deed IRS
If you want to look up anything tax related, write-offs, deductions, interest rate rules, we encourage you to research our IRS and contract for deed article. This website can be very beneficial for depreciation write-off, depreciation recapture, and the idea of depreciating the property itself, land is not depreciated, land improvements are accelerated faster than the home itself, and personal property is depreciated and accelerated at an even quicker pace. Also there are topics such as capital improvements, repair write-offs and everything that does and doesn’t qualify as an expense and write-off as a home owner. Also it changes when one lives in the home as an owner occupant vs. if they own the home as a rental and it’s in non owner occupied status.