Legal Question in Real Estate Law in New York
If rent received from rental properties in one business is used to purchase additional real estate (in the same company), is that new purchase considered a reinvestment in the business? Is this tax deductible?
Asked on 8/08/16, 1:19 am
1 Answer from Attorneys
Kevin Connolly
Kevin J. Connolly
It's an investment but there is no tax deduction for making the investment. You might be entitled to depreciation deductions, or in some cases ACRS.
Answered on 8/08/16, 6:38 am
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