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    #1

    Tax Lien Purchase

    Taxpayer purchased 2 tax lien properties at an auction. He has to wait for a year before selling because the owners can pay off the taxes and reclaim the properties. He opened an LLC specifically for purpose.
    Other than claiming his expenses is there anything he has to be aware of?
    Thanks
    Brian
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash
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    #2
    I don't think he can take expenses, because he does not own the property. I believe it is more like an investment, and any expenses would be added to basis.

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      #3
      Agree however, expenses such as mileage, advertising, office supplies etc. are not attached to the properties. They can be claimed.

      Taxes paid will definitely be added to the basis.
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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