Looking for New Property on Vacation

Discussion in 'US Taxes' started by Tax Tip, Jan 6, 2009.

  1. Tax Tip

    Tax Tip Guest

    "Be sure to deduct the cost of expenses incurred while looking for new
    property.Travel expenses in connection with the management of your
    investments are tax deductible if they are ordinary and necessary. At
    least half of the time you spent away on travel must have been spent
    doing business, and the primary cause for travel must be business.
    Common business expenses that you can deduct while scouting for new
    investment properties are fees for travel, lodging, and services."

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    Tax Tip, Jan 6, 2009
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