Can I expense mileage on a flip house, and how much per mile?

[allenhome]

How much per mile can I expense against the proceeds on a flip house?

[MichaelDC · Accepted solution]

Not exactly.  No deduction is allowed for travel in a general investigation or search for new business or investment opportunities.

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

The mileage rate for 2016 is .54 per mile.