rabbit@homxb.UUCP (P.REED) (09/06/85)
I need advice or references about tax shelters. An investment advisor wants me to become a limited partner in a historical building rehabilitation scheme. But, only 83% of my investment goes to the actual rehabilitation. The percentage goes down to 70% if the IRS disallows acquisition fees. The hook with historical real estate is that 25% of the qualified investment, 70% or 80% of my real investment, is deducted from taxes owed. Two questions that I have are: what fees can I put under itemized deductions the 9% dealers fee, the interest on mortgage for the property, others? Also, how does this historical tax investment credit effect the depreciation of the property. I have the prospectus, but it is so complex that I'm afraid of misunderstand the subtle points. Are there any good books on the subject of tax shelters, where the advisors interest has already been satisfied by my buying his book instead of going to a dealer whose real interest is in the 9% dealer's fee? Thank-you, Peter Reed