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Owns land outside the country

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    Owns land outside the country

    Facts:

    A taxpayer owns raw land in another country as an investment. Is there anything to deduct or increase basis when going down to check on it? They would have air and hotel for a few nights to be sure nobody is encroaching on the land.

    Any thoughts?

    #2
    Any Investment

    Nope. That would be like me going to Atlanta, GA to check on Coca-Cola and how it is running because I own stock in Coca-Cola. I can't write off any of my travel and hotels.
    Jiggers, EA

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      #3
      Travel....

      ... expenses to and from any business/investment (over night) must meet a basic rule of total time away from home in relation to the time spent on business/investment. It would appear it would take a half a day to look at the property. If the client got on a plane and return home the same day, well it may be deductible. Chances are they stayed several days, in which the travel expense would not be deductible because more than 50% of time was spent on other issues.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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