I purchased acerage in 2017 as an investment; I hope to sell it within the next 5 years. It has an old barn but that is the extent of the "improvements". I am slowly repairing the fences and hope to get to the barn in 2018. I drive up to do the repairs and incur the typical lodging/meal expenses.
I understand where/how to deduct the property taxes, and have no interest payments (a cash transaction), but where/how do I deduct the repair expenses and mileage/lodging/meals? I understand my "sweat equity" is not deductible, correct?
Thanks for any advice you can offer.
R
