Looking for New Property on Vacation

Posted by Tax Tip on April 14, 2009, 2:54 am

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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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