2007-05-19 02:57:44 · 5 answers · asked by ladyluck1 1 in Business & Finance ➔ Renting & Real Estate
You should ask Gordon Brown....
2007-05-19 03:02:48 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, your travel expenses to inspect your holdings are a tax deductible expense, as long as they are reasonable and relate to the purposes you claim. In other words, your travel expense to and from are deductible, as well as a given amount of lodging expenses. However, if you try to deduct two weeks of expense at a five star resort as part of such expense, you would get nailed in any audit.
My son lives in a distant state and owns a rental property near us. He visits several times a year, and uses one or two of those trips home as a legitmate expense to inspect his holding. Of course, he doesn't have to explain much, since his father (me) manages the unit for him.
2007-05-19 10:03:13 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
As far as I know you can deduct your motel, eating, and travel. Just like a regular business trip.
Call your accountant and if you don't have one, and if you don't have one call H&R Block.
You can also call the IRS, or Google it.
Good luck and have fun.
2007-05-19 10:09:47 · answer #3 · answered by Kathrine B 3 · 0⤊ 0⤋
anything biz related yes. I write off all miles on my jeep. I have an online biz that gives me incredible deductions. my next asian trip will be a total write off.
2007-05-19 10:04:26 · answer #4 · answered by singing_wolf13 2 · 1⤊ 0⤋
you may because you own a small business but i'm not really sure
2007-05-19 10:04:20 · answer #5 · answered by Anonymous · 1⤊ 0⤋