50% Rule for Meals & Entertainment

Discussion in 'US Taxes' started by Tax Tip, Nov 20, 2008.

  1. Tax Tip

    Tax Tip Guest

    When traveling away from home on business, you may incur expenses for
    meals and entertainment. You can deduct 50% of meal and entertainment
    costs incurred when traveling locally, overnight, or long distance for
    your rental activity.

    Keep in mind that meal and entertainment costs are deductible only if
    they are considered ordinary and necessary for managing your
    investments. To learn more about which meal and entertainment expenses
    you can deduct from your Schedule E, take a look at RealTaxTips.com.
    It’s a forum for real estate investors to learn how others are saving
    money on their real estate investments, and it’s an easy way to get
    prepared for taxes.

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    Tax Tip, Nov 20, 2008
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