2007-04-08 11:40:31 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You for sure can deduct travelling (miles or other cost) as long is this property is rented out as an investment and generating cash that you will report as an income in your tax filing. If you report an income that you can also report an expense from any investment properties. I hope this helps.
2007-04-08 11:45:55 · answer #1 · answered by Rak 2 · 0⤊ 0⤋
I have two rental properties, one is a duplex the other is a stand alone house and this summer we did extensive work on the yard, fencing and deck as well as modified the deck for the upper unit we live in a small community outside the city where our rental properties are. My question is can we deduct our meals as an expense while we were working on the property
2016-01-31 08:34:37 · answer #2 · answered by Rose 1 · 0⤊ 0⤋
If you're talking mileage in the same area as you live, yes you can deduct it. If you live in NY and happen to own rental property in Hawaii and are thinking of deducting travel expenses to go check on the property, no.
2007-04-09 02:03:19 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
As long as the expenses are reasonable, and include only getting to the property yes. Typically you would deduct the mileage to the rental property.
2007-04-08 11:54:33 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Yes you can. Actual travel costs plus one-half of your lodging and meals. The primary purpose of your trip must be to visit the property for purposes of inspection, repair, maintenance or showing the property to prospective buyers or tenants.
2007-04-08 12:26:12 · answer #5 · answered by Bostonian In MO 7 · 2⤊ 0⤋
i am not sure but i would think so
2007-04-08 11:45:04 · answer #6 · answered by Belgrademitch 5 · 0⤊ 1⤋