Last September I bought into a vacation property in Cabo San Lucas, I was told that I could write off expenses related to the purchase. These included advertising costs, traveling costs, maintaince fees, closing cost, and deprciation. Since it is a foreign property and i signed up 2 other of my vacation properties, is this real or just smoke the guys were blowing. they put me on the phone with an accountant who assured me it was legal to do. and gave me an old copy of a schedule E showing what I could write off. I have not rented out my weeks so I have no income from it It would provided a nice bump to the deductions Will something like this throw up a red flag for an audit? Thanks
