Can I deduct the purchase price (and renovations) of a B&B the year I open? I have other income I want to offset by this business expense. (I cashed in my 401K to buy the property and do repairs.) Thanks!
I just bought a home and converted it to a B&B. It needed a lot of repairs. I used my 401K money. Can I deduct the purchase of the property on my taxes? Thanks.