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Home · Property Management · Latest News : Crucial Tax Tips for Landlords: Tip #6

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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