Person owns 3 residential rentals and deducts mileage driven on on Sch E for each property. Plans to acquire several more rentals. Where do the deductions go for mileage and other expenses in travelling to view and bid on the new rentals?
Announcement
Collapse
No announcement yet.
Rental Mileage
Collapse
X
-
UnregisteredTags: None
-
Investor expenses
I would deduct them as "Investor Expenses" in the miscellaneous deductions section of Schedule A. If the client keeps good records, I'd put the mileage related to properties purchased on Schedule E for that property, even if the mileage pre-dated the acquisition.Roland Slugg
"I do what I can."
-
Unregistered
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Comment