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Reply to "About to deduct 220k on taxes help me feel ok with it"
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[quote=Anonymous]We've operated a small Airbnb condo for the last 3 years and basically break even on taxes on our schedule c. Last year seeing rates were going up we bought 2 fixer upper properties that required over 200k worth of repairs and Internet etc , the properties were not rented until 2023 so it looks like massive loses. Help me feel ok that we are deducting 220k from our taxes and not being paranoid for an audit. We have receipts down tithe exact dollar for all repairs, costs etc as it was on a different bank account. Should I just expect to be audited? Is that what most business owners end up getting when expanding and taking a loss? [/quote]
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