|
#1
09-15-2003, 11:54 PM
| |||
| |||
 Re: Travel expenses tax deductible for property purchase? George C wrote: - quote - > Question about tax deduction on home/condo purchase.
No. Add it to basis.> Traveled to Hawaii in for 2 weeks end of June for purpose of > purchasing a condo. (to be used as a rental property) Found > one, made the offer and was accepted, closed on August 29, > now I own it. > Now, was this initial trip to look for and make the purchase > a tax deductible item? I have read an IRS reg. and > understand that future trips to the property are deductible > when the trips are made for maintenance and "checking" up on > the property. But, was this first trip, in any way, any > part, deductible? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
09-15-2003, 11:35 PM
| |||
| |||
| Re: Travel expenses tax deductible for property purchase? - quote - > Now, was this initial trip to look for and make the purchase
My guess is if your trip was strictly business then its> a tax deductible item? I have read an IRS reg. and > understand that future trips to the property are deductible > when the trips are made for maintenance and "checking" up on > the property. But, was this first trip, in any way, any > part, deductible? deductible. However if it was mixed, say 30% business and 70% pleasure you would be much smarter to only try for the 30%!! As an aside, I don't recall if your trip BEFORE you are in the business of rental is deductible or added to basis--ask your tax pro. I'm already in the business with lots of units so the question doesn't come up in that context. I suspect your first trip was NOT 100% business? So use some common sense. Likewise for future trips you cannot deduct 100% of a trip just to drive by your unit and spend 2 weeks at the beach. The folks at the IRS are not dumb if it comes up on audit! So don't invite an audit!! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
09-14-2003, 06:45 PM
| |||
| |||
| Travel expenses tax deductible for property purchase? Question about tax deduction on home/condo purchase. Traveled to Hawaii in for 2 weeks end of June for purpose of purchasing a condo. (to be used as a rental property) Found one, made the offer and was accepted, closed on August 29, now I own it. Now, was this initial trip to look for and make the purchase a tax deductible item? I have read an IRS reg. and understand that future trips to the property are deductible when the trips are made for maintenance and "checking" up on the property. But, was this first trip, in any way, any part, deductible? Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deductible, expenses, property, purchase, tax, travel |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Using M2007 at home and travel David: Good day… I currently use MS money 2007 on my home desktop cpu. Can anyone provide exact details on how to also run MS Money 2007 on my... | Microsoft Money | 4 | 07-28-2008 02:57 AM | |
| Categorizing ordinary expenses during travel Deviliscious: I have a dilemma. When I travel besides buying the tickets and lodging expense, I continue to incur normal daily expenses like food. What's a... | Microsoft Money | 4 | 11-01-2005 01:43 AM | |
| categories and tax deductible items Dave: Hi, I'm wondering how to categorize certain tax deductible items, such as traditional IRA contributions, casualty losses, etc. I'm not looking... | Microsoft Money | 1 | 10-04-2005 02:18 PM | |
| Aren't orthodontics *still* a tax deductible medical expense in 2003? Tripp Knightly: I recently had a flex spending account reimbursement for an orthodontic treatment rejected - reason being that such treatment must be "medically... | Taxes | 8 | 07-22-2003 05:36 AM | |
| Foreign travel expenses Ddanocpa: We are a United Methodist church, exempt under 501 (c) (3). At his request, we would like to send our pastor on a continuing education trip to... | Taxes | 1 | 07-05-2003 03:24 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
