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If I'm planning to buy real estate out of state, are my trips to look at properties deductible? |
In accordance with the usual IRS travel/meals/ent rules, of course. Are these deductible this year even if I buy next year? What if circumstances change and I don't buy at all? I've heard that if I don't buy, not deductible; if I do, must be added to basis, not deducted. On the other hand, another person doing the same thing was told by his accountant to form an 'investment' corp. and write off all his real estate searching travel within that corp. (hopefully, he is not planning to tell this guy to buy the real estate in the corp, but if he isn't then the tax write offs for the corp don't seem that legit.). Thoughts? Thanks. Sorry, this is for investment purposes, not for a personal residence. You can deduct travel costs for properties that you already own, not for properties you do not yet own. The costs must be related to the generation of rental income such as maintenance and inspection, meeting prospective tenants, handling leases, evictions, etc. If it is for investment property perhaps but not for a personal residence. You can deduct ordinary and necessary travel expenses to manage or maintain investment property that you already own. I don't know just where you'd deduct the type of trip you are describing on a personal return, unless you were in the business of investing in property. If it is for investment property |
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