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Investors & landlords
Thank you for this IRS link for Schedule E.
It reads:
"Line 6 You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home."
"What's New Business meals expense. The temporary 100% deduction for food or beverages provided by a restaurant has expired. The business meal deduction reverts back to the previous 50% allowable deduction beginning January 1, 2023. See Line 6 , later, for more information."
My original question was "I take my employees out for lunch while working" I am NOT referring to office work. I am talking about working on site at the property. Doing Maintenace work or cleaning. Yesterday we trimmed some trees and bushes 20 miles away (at a rental). We stopped to get food while we are out. So does this meal go under schedule E travel at 50% of the cost?
‎February 8, 2024
8:26 AM