Re: Lease/Option Sandwich TAX HELP!!!

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Posted by Bob on February 05, 2010 at 13:50:07:

In Reply to: Re: Lease/Option Sandwich TAX HELP!!! posted by Dave T on February 05, 2010 at 08:45:37:

Thanks for the great post!

So, even though these properties still have mortgages on them, there' still considered INCOME? even though it's not going directly into my pocket (hip national bank)?

From what I understand, the rent is considered business expense, however the IRS doesn't deduct 100% of that expense from my taxable income so I would be negative in this situation? Is that correct? I'm still a newbie when it comes to this tax stuff ... taxation 101.


Thanks

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