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For each property I own I know I can deduct expenses such as repairs, insurance, HOA dues, property taxes etc...and depreciate cap ex.
However, there are expenses incurred that are not related to a property I own, can I deduct those and if so, where and how?
For example, I had several properties I made offers and had contract executed but fell apart due to contingencies not met, failed inspections, or cloudy titles etc...
But I have spent money on inspections, termite inspections, HOA governing document fees, HOA application fees, surveys, appraisals, loan application fees, attorney fees, mileage driven to view 100+ properties etc etc etc...those expenses are not expenses under each owned rental or rehab properties, but it seems there should be a way to deduct them?
These deductions are dependent on how you file your taxes.
If you are filing Sch E, Supplemental Income and Loss. No you won't be able to deduct the expenses you mentioned.
However, if you are filing a Sch C, Profit and Loss from Business, treating yourself as a real estate professional then those expenses would likely be deductible against any income.
So it depends on how your business entity is structured and how you file your taxes. You really need to work with a knowledgeable tax professional that can help you formulate a strategy that is best for your financial situation.
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