I live in one city but I have a townhome in another city. If I need to travel to manage my townhome, are the travel expenses (like the flight ticket, car rental, food expenses etc.) tax deductible?
2007-08-06 08:58:54 · 6 answers · asked by laser_kevin 1 in Business & Finance ➔ Taxes ➔ United States
yes, travel expenses to check out your townhome (as long as you are the owner of it) are deductible. Meals though, might be a little bit sticky, after all, you do have to eat anyways.
2007-08-06 09:23:18 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Maybe, but be prepared to justify the expenses to the IRS. If you live in Houston and your townhome is in Hawaii and you visit it a time or two a year as part of the "management", it's likely to be disallowed. If you show expenses more than a rental property manager in that area would charge, you could be on thin ice. In other words, don't even THINK of writing off your vacation due to needing to "manage your property".
I just realized you just said townhome, didn't say you were renting it out. If you don't rent it out, then no, the travel expenses are not deductible.
2007-08-06 11:00:39 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes. The full travel cost is deductible. Meals are limited to 50%, however.
If your trip is dual purpose, such as a vacation combined with doing some repairs on or inspecting the property, you have to apportion the cost based upon the number of days devoted to each activity.
2007-08-06 09:42:51 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
The enterprise use of truck is tax deductible. the indoors maximum use element isn't. you're able to shop a on a daily basis log of miles pushed that states the date, places and style of miles pushed and which of them have been enterprise correct and which of them weren't. shop all receipts for gas, maintenance, plate expenses and coverage. i could recommend looking a small CPA (qualified public accountant) that expenses a existence like fee on your section that should assist you with tax suggestion on your enterprise.
2016-11-11 09:35:36 · answer #4 · answered by deperte 4 · 0⤊ 0⤋
I would think so--they are expenses related to your generating income from the house. Check with your tax guy or accountant to be sure, but I'd definitely save the reciepts.
2007-08-06 09:02:11 · answer #5 · answered by wayfaroutthere 7 · 0⤊ 4⤋
I'd think NOT. Ask the owner !
2007-08-06 09:06:35 · answer #6 · answered by Smelly Cat 5 · 0⤊ 5⤋