Rental Mileage

[Unregistered]

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?

[Roland Slugg]

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.

[Unregistered]

Thanks

I forgot about that.