 Travel Expenses (by Steve [TN]) Oct 19, 2018 10:36 AM
 Travel Expenses (by Rick [IN]) Oct 19, 2018 11:10 AM
Travel Expenses (by Kim [TX]) Oct 19, 2018 12:13 PM
Travel Expenses (by JB [OR]) Oct 19, 2018 1:09 PM
Travel Expenses (by Landlord ofthe Flies [TX]) Oct 19, 2018 2:50 PM
Travel Expenses (by Landlord ofthe Flies [TX]) Oct 19, 2018 2:51 PM
Travel Expenses (by Robert J [CA]) Oct 19, 2018 4:59 PM
Travel Expenses (by BRAD 20,000 [IN]) Oct 19, 2018 7:18 PM
Travel Expenses (by Mark [CA]) Oct 19, 2018 10:56 PM
Travel Expenses (by John... [MI]) Oct 20, 2018 8:34 AM
Travel Expenses (by #22 [MO]) Oct 20, 2018 1:02 PM
Travel Expenses (by JB [OR]) Oct 20, 2018 8:40 PM
Travel Expenses (by Stee [TN]) Oct 21, 2018 7:26 AM
Travel Expenses (by Smokowna [MD]) Oct 21, 2018 1:44 PM
Travel Expenses (by Steve [TN]) Posted on: Oct 19, 2018 10:36 AM
Message:
I own a rental property in a distant city. My wife and I will travel there next week to inspect the property and meet with the property manager. How much of the travel/lodging/meals are deductible?
--68.156.xx.xx |
Travel Expenses (by Rick [IN]) Posted on: Oct 19, 2018 11:10 AM
Message:
Eye see all of it deductible. --73.102.xx.xx |
Travel Expenses (by Kim [TX]) Posted on: Oct 19, 2018 12:13 PM
Message:
Agree- allowing for 50% deduction of actual meal costs, or IRS allowable per diem. --23.30.xx.xxx |
Travel Expenses (by JB [OR]) Posted on: Oct 19, 2018 1:09 PM
Message:
Kim has it right. --24.20.xxx.xxx |
Travel Expenses (by Landlord ofthe Flies [TX]) Posted on: Oct 19, 2018 2:50 PM
Message:
If your wife is an employee or partner, then all of it. If she's not in the business, then half. If you go sightseeing or to another destination for fun, then subtract that detour.
Also helps if you use the business credit card. --108.69.xxx.xxx |
Travel Expenses (by Landlord ofthe Flies [TX]) Posted on: Oct 19, 2018 2:51 PM
Message:
And What Kim said about meals. My previous answer didn't account for meals. I usually don't write off meals on my trips since I'd be eating anyway, nor do I entertain. --108.69.xxx.xxx |
Travel Expenses (by Robert J [CA]) Posted on: Oct 19, 2018 4:59 PM
Message:
I was audited and had to file a complaint and appeal. This is what I did. I kept a log book of the miles from my house to the property. I took a picture of my house and odometer readings inside my car. I also did a google map of the distance. I proved I went to my rental property by having a witness sign a letter and giving their name and phone number. I also purchased gas from the nearest station paying with a credit card and getting a receipt.
With proof of the mileage, a witness and pictures I was able to show my travel costs. Then Uncle Sam only wanted to allow me 80% of my costs. With proof it's supposed to be 100%. Then added in my wear and tear to the vehicle ( annual maintenance divided by the miles traveled per property) and asked for more deductions. As they lowered my write off's I kept on adding more costs until I took too much of their time and left it to a review board that over see's tax implementation. On Monday, Wednesdays and sometimes on Fridays they rule one way and on Tuesdays and Thursdays they rule the other way. You can't win. Although my brother a MBA and CPA won a case against California and New York for double taxation -- the ruling made it into the tax code. Everyone said he was wrong, that's 11 auditors and judges until he proved himself right. --47.156.xx.xx |
Travel Expenses (by BRAD 20,000 [IN]) Posted on: Oct 19, 2018 7:18 PM
Message:
Steve,
Don't post Facebook pics of you and your sweetie laughing it up on the beach during this "business trip".
Be able to show business activity each day. Met with partner, met with broker, drove to examine subject property, drove to view prospective investment properties...
Pigs get fat but hogs get slaughtered.
BRAD --68.50.xxx.xxx |
Travel Expenses (by Mark [CA]) Posted on: Oct 19, 2018 10:56 PM
Message:
If I recall correctly you need to spend 4 hours and 1 minute of each work day (not including weekend days if you work on both sides of the weekend) on your business to write off that day completely without having to prorate. --97.93.xx.xxx |
Travel Expenses (by John... [MI]) Posted on: Oct 20, 2018 8:34 AM
Message:
I was under the impression that travel from your home to your rental was NOT deductible unless you have established an office by IRS standards.
This is the same reason that travel from your home to a normal day job is not deductible mileage. If you drive your car to your work/office and THEN go out to do something, then that mileage is deductible -- but the mileage from home to "work" is generally not.
NOLO says this: "To deduct the cost of driving to and from your home office, it must qualify as your principal place of business."
So, again, to be able to deduct from your home to your rentals, it needs to qualify as your principal place of business. For some of us, that is easy. For others, not so much.
Maybe Marv can confirm on that, but that is my understanding.
- John...
P.S. I know everyone just ignores this and does it anyhow -- but if you are audited, you need to be prepared for the consequences. --96.40.xx.xx |
Travel Expenses (by #22 [MO]) Posted on: Oct 20, 2018 1:02 PM
Message:
1. Don't listen to any of us. I think you can write off 100 percent of meals out of town. 3. Don't listen to any of us..trust your advisor and people that prove credible in this realm. --174.234.xxx.xxx |
Travel Expenses (by JB [OR]) Posted on: Oct 20, 2018 8:40 PM
Message:
Definitely CANNOT write off 100 percent of your meals out of town. --24.20.xxx.xxx |
Travel Expenses (by Stee [TN]) Posted on: Oct 21, 2018 7:26 AM
Message:
Thanks everybody for the info. That 50% of meals is what, in the back of my mind, was bothering me. I thought there was some reduction, but I couldn't remember what it was.
I know I could have Googled and found that answer, but I get other great peripheral advice when I ask the question here. --69.131.xxx.xx |
Travel Expenses (by Smokowna [MD]) Posted on: Oct 21, 2018 1:44 PM
Message:
Quote the IRS here please.
--108.51.xxx.xxx |
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