I inherited several properties in another state, and make several trips to check on things, visit with tenets, etc., each year. Can I use the per diem lodging rate for those trips? I believe the income (I receive 1099s) ends up on Schedule E when I work my way through TurboTax.
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Yes, you can deduct travel expenses if (IRS Pub 527) ;
You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. You must properly allocate your expenses between rental and nonrental activities. You can’t deduct the cost of traveling away from home if the primary purpose of the trip is to improve the property.
Enter your 1099s for income and all your other rental expenses in the Rent and Royalties section and all will flow to the Schedule E.
Thanks. And specifically, can I use the per diem amount for the area of the state the properties are in? Or must I track receipts?-
The language of the IRS Pub is actual expenses incurred, not per diem rates.
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