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?
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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
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
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