I am interested in looking at other properties to purchase in other states. I have a LLC.
What expenses, if any, would be deductible in traveling to and from to look at these properties?
Also, I have a property in Tampa, and I am interested in checking up on the property. It is being rented out. Would travel expenses related to checking on the property be okay.?
Howdy Peachfield:
They would all be deductible as business expenses. If you combine a vacation with the business trip some of the expenses would not be deductible a cruise trip, or Disney land ticket.
Thanks for the reply. It would be only to research the area and look into purchasing properties for rental. No vacation I am afraid.
What if you are thinking of buying the Epcot Center ??
:bouncemulti: ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8) 8)
I could need some partners…
Bruce
? I 'm sorry I don’t understand.
It was a joke…if he were to try to buy the Epcot Center (at Disney World), then he can write the vacation off as a business expense but he’s going to need a lot of partners (us!) to get in on the deal…
Keith
Let me tell ya, if I had the money I might just invest!
Actually, you can write off just about the entire trip.
All you have to do is retain your receipts, document your expenses.
If you want to go to Disney for free, all you have to do is take a few moments to see if there is someone there from management and briefly discuss something related to your business and document the time and nature of the discussion, then go have a good time.
I go to up to orlando and go to at least one theme park 3 or 4 times a year.
While I m there, anything that I want to visit, I take some time to speak to people there about commercial financing, and since I am in the commercial lending business, the visit is 100% tax deductible.
Funny thing is, sometimes that double sided visit and chat culminates in doing business. You never know what can happen.
As for the legality or propriety of it… As long as the government puts loopholes into the syste, they expect you to use them. It’s the American way.
I’ll be visiting China and Japan next year for a “Business” trip.
I do international loans as well as nationwide, so after I scope out some potential business and document where and who etc., if I happen to visit the great wall of china and tenemen square and all that nice touristy stuff, it’s incidental to the trip… and the entire trip is tax deductible.
My company is generous enough to contribute a generous expense account for the trip as well… Hmmmm… I own the company, does that matter??? Nope. Corporation pays for trip as well as daily expenses including airfare, hotel and meals etc.
Again, the loophole was intentionally written into the law for you to take advantage of. I LOVE THIS COUNTRY!!! Whatta way to live 