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Are travel costs related to purchase of a rental property deductible? If so, where do I enter this in Turbo Tax?
I am purchasing a rental property in another city. I made a trip to go with a real estate agent to look for a property and I will be making another trip to go to the closing. Are the hotel, meal and mileage costs for either or both of these trips deductible in any way? I currently file a Schedule E for another property I own - this will be my second rental property. I don't think I can put the costs on Schedule E because they were incurred before the property was put into service. Is there another way?
‎June 6, 2019
3:06 AM