Strategy: Schedule a trip to check up on rental real estate properties. That way, you could spend a couple of days relaxing or sightseeing in the area.
You can write off the full cost of your airfare or related transportation so long as the trip’s primary purpose is related to your investment interests. You also can deduct the cost of your lodging and 50 percent of your meals attributable to the time spent on your investment-business activity. Caution: The IRS may question your motives, so be prepared.
Tip: Meet with your local property managers. Then, create a paper trail via letter, fax or e-mail, establishing the reasons for your visit and confirming the arrangements.
- Small Business Tax Deduction Strategies No matches