@BillyCrash wrote:
Thanks for the responses here. Prior to posting my question, I had an online chat with an Intuit Turbotax tax expert, with 20 years experience. Her advice was that the travel expenses for builder meets were deductible (or adding to basis). I posted the question here hoping to get comments confirming this. I think this is another example of how convoluted the tax code is, easily subject to multiple interpretations of the same issue.
I think I'll try another professional source or two to see if I can get some more opinions in one direction or another.
Publication 551 fully describes how basis for assets is determined.
https://www.irs.gov/forms-pubs/about-publication-551
If the Turbotax expert can find something in the regulations or tax code that goes beyond the publication, ask them for the citation. Alternatively, ask the Turbotax expert if they will defend you in tax court if you are audited. If not, find your own expert who will defend you in court.
