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Look for Properties While On Vacation
submitted by juliehayes.nyc
House in cloudsTravel expenses in connection with the management of your investments are normally tax deductible (they must be ordinary and necessary), and that’s why you can deduct the cost of expenses incurred while looking for new property.

For example, you fly with your spouse (aka your business partner) to Orlando to scout and purchase a rental condominium. Since this is a business trip, you can deduct the cost of all business expenses, like travel, lodging, and services.

It wouldn’t matter if you spent some time walking on the beach or even if you made a stop at Disney World, just as long as half the time you spent away on travel was spent doing business; and the primary cause for travel was business.

Just be careful, of course. Obviously you can’t just write off your hotel and travel to Disney World just because you’re thinking about buying Cinderella’s Castle.

 

For more Tax Tips and Tax Saving Web Tools like DepreciateEm.com and DeferEm.com, check out TReXGlobal.com.
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  • freeman

    What is considered tax deductible? I owned a house in Las Vegas which was my primary residence. I relocated to St. Louis in March and listed my house on the MLS for rental. It did not rent until November when I returned to Las Vegas to present the house myself. It took me five weeks and nearly a hundred showings of my house to finally rent it. I posted signs all over the local area and posted my rental on Craigslist both night and day. I blew through 2000+ anytime minutes and had to up my phone plan. It is a crazy market. People didn’t want to rent from an agent. They really liked talking to the owner of the house. What is the earliest I can start taking the tax deductions?

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