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Take a Vacation and Write it off!!!
Posted at Tips from T-ReX by T-ReX Global
May. 16, 2008
Categorized in: TaxTips
Tagged with: real estate professionals, taxtips
Starred by: 1 Member
Summer is coming around, I'm starting to plan my next vacation...

...and I am going to share a little secret.

You might have tried all the tricks in the book, but I'm sure you haven't tried making your VACATION TAX DEDUCTIBLE.



For example, you fly with your spouse
(aka your business partner) to Orlando to scout and purchase a rental condominium.

Since this is a business trip, you can deduct the cost of all business expenses, like travel, lodging, and services.
Ordinary and necessary expenses are tax deductible, and that's why you can deduct the cost of expenses incurred while looking for new property.


It wouldn't matter if you spent some time walking on the beach or even if you made a stop at Disney World, just as long as more than half the time you spent away on travel was spent doing business; and the primary cause for travel was business.
Obviously you can't just write off your hotel and travel to Disney World just because you're thinking about buying Cinderella's Castle. Be sure to consult with a professional.
To learn about all the different ways to take advantage of real estate investments, visit our sites.

RealTaxTips.com

 Niman Singh
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