Where can I deduct travel expenses for purchasing property (article on your site is 2 years old and does not pertain to current desktop file

pualifitz1 — Sat, 01 Jun 2019 07:29:09 GMT

Our realtor told us that 50% of our airfare, HOA fees, Food & car rental are tax deductible since we bought property while on Maui last year. How/where do I report this on our tax return?

Lot of grey area in travel for investment property a lot...

view2 — Sat, 01 Jun 2019 07:29:10 GMT

Lot of grey area in travel for investment property a lot of condition "if's" as to the content of travel. Especially when the primary purpose was a vacation.

If you are traveling to explore a specific investment opportunity and you make the investment, your travel expenses are not deductible; they are added to the basis of the investment.

The IRS auditors closely scrutinize deductions for overnight travel -- and many taxpayers get caught claiming these deductions without proper records to back them up.

Travel expenses are one of the IRS most scrutinized areas , might want to read the IRS publication

Publication 463 (2016), Travel, Entertainment, Gift, and Car Expenses

http://www.irs.gov/publications/p463/index.html

topic Where can I deduct travel expenses for purchasing property (article on your site is 2 years old and does not pertain to current desktop file in Deductions & credits

Where can I deduct travel expenses for purchasing property (article on your site is 2 years old and does not pertain to current desktop file

Lot of grey area in travel for investment property a lot...