Sale of Property - Where deduct mileage?

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Subject Author Date Sale of Property - Where deduct mileage? BobLeavitt 06-10-2009  Re: Sale of Property - Where deduct mileage? Arthur Kamlet 06-10-2009  Re: Sale of Property - Where deduct mileage? Harlan Lunsford 06-14-2009  Re: Sale of Property - Where deduct mileage? Brew1 06-15-2009  Re: Sale of Property - Where deduct mileage? Harlan Lunsford 06-15-2009   Re: Sale of Property - Where deduct mileage? Steve Pope 06-10-2009  Re: Sale of Property - Where deduct mileage? removeps-groups@yahoo.com 06-11-2009  Re: Sale of Property - Where deduct mileage? BobLeavitt 06-13-2009   Re: Sale of Property - Where deduct mileage? Steve Pope 06-13-2009  Re: Sale of Property - Where deduct mileage? Brew1 06-14-2009  Re: Sale of Property - Where deduct mileage? Benjamin Yazersky CPA 06-12-2009
Posted by BobLeavitt on June 10, 2009, 9:15 pm Please log in for more thread options In 2008, I sold a piece of commercial property. I had to make two 140 mile round trips to meet with Realtor, prospective buyer etc. Where in my F1040 do I deduct the mileage cost? Thank you. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on June 10, 2009, 9:32 pm Please log in for more thread options >In 2008, I sold a piece of commercial property. I had to make two 140 >mile round trips to meet with Realtor, prospective buyer etc. Where in >my F1040 do I deduct the mileage cost? Thank you. Assuming these are allowed expenses, what's wrong with Form 4797 as Costs of Sale? Caution: If you are not intimately acquainted with the 4797, it is not anything kiddies should be trying at home. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Harlan Lunsford on June 14, 2009, 5:44 pm Please log in for more thread options Arthur Kamlet wrote: >> In 2008, I sold a piece of commercial property. I had to make two 140 >> mile round trips to meet with Realtor, prospective buyer etc. Where in >> my F1040 do I deduct the mileage cost? Thank you. > > > Assuming these are allowed expenses, what's wrong with Form 4797 as > Costs of Sale? > > > Caution: If you are not intimately acquainted with the 4797, it is > not anything kiddies should be trying at home. By the time I'm replying to the OP, we know that it was a personal investment, the sale of which is reported on form 4797 as first suggested by Art. Any costs associated with selling the property are properly treated as a cost of that sale. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Brew1 on June 15, 2009, 12:44 pm Please log in for more thread options > Arthur Kamlet wrote: > >> In 2008, I sold a piece of commercial property.  I had to make two 140 > >> mile round trips to meet with Realtor, prospective buyer etc.  Where in > >> my F1040 do I deduct the mileage cost?  Thank you. > > > Assuming these are allowed expenses, what's wrong with Form 4797 as > > Costs of Sale? > > > Caution:  If you are not intimately acquainted with the 4797, it is > > not anything kiddies should be trying at home. > > By the time I'm replying to the OP, we know that it was a personal > investment, the sale of which is reported on form 4797 as first > suggested by Art.   Any costs associated with selling the property are > properly treated as a cost of that sale. > > ChEAr$, > Harlan Lunsford, EA n LA > I think there may be some confusion on the OP's situation. He refers to this as commercial property and I can see where Harlan came up with the 4797. The OP needs to classify this property as investment or business to come up with the correct form. If he just bought it as an investment and was not involved in a trade/business or as a landlord, I would go with the Schedule D/Schedule A combo. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Harlan Lunsford on June 15, 2009, 5:33 pm Please log in for more thread options Brew1 wrote: >> Arthur Kamlet wrote: >>>> In 2008, I sold a piece of commercial property. I had to make two 140 >>>> mile round trips to meet with Realtor, prospective buyer etc. Where in >>>> my F1040 do I deduct the mileage cost? Thank you. >>> Assuming these are allowed expenses, what's wrong with Form 4797 as >>> Costs of Sale? >>> Caution: If you are not intimately acquainted with the 4797, it is >>> not anything kiddies should be trying at home. >> By the time I'm replying to the OP, we know that it was a personal >> investment, the sale of which is reported on form 4797 as first >> suggested by Art. Any costs associated with selling the property are >> properly treated as a cost of that sale. >> >> ChEAr$, >> Harlan Lunsford, EA n LA >> > I think there may be some confusion on the OP's situation. He refers > to this as commercial property > and I can see where Harlan came up with the 4797. The OP needs to > classify this property as > investment or business to come up with the correct form. If he just > bought it as an investment and > was not involved in a trade/business or as a landlord, I would go with > the Schedule D/Schedule A combo. > Okay then. If the latter, schedule d only, since this travel was a cost of selling the property. ChEAR$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Property Tax Payment Lost in Mail -- Can I Still Deduct it in 2006? April 3, 2007, 2:07 am Sale of Rental Property February 4, 2007, 2:24 am Sale of Rental Property - Help... March 19, 2007, 11:12 am Taxes on a sale of foreign property? 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