When can you deduct taxes and insurance
For a Flip that spans the calendar year, can we deduct taxes and insurance in the year occurred or are they capitalized and deducted from sales proceeds and claimed on the date the property is sold?
Does the answer change depending on in you are active or passive?
Does the answer change if it is long term (>12 months) or short term (<12mo)?
What are expenses that are deductible in the year incurred instead of when the property is sold for short-term and long-term flips?