Posted by Tony S. in FL on October 25, 2003 at 20:57:16:
nt
Deduct Investment Expenses? - Posted by Tony S. in FL
Posted by Tony S. in FL on October 24, 2003 at 21:18:09:
I have several rentals and can deduct certain expenses such as advertising, repairs, etc.
Can I deduct expenses incurred in EVALUATING other investment properties even if I don’t buy them?
Such as inspectors, appraisers, etc.
Or what about money used as an option consideration and I let the option expire?
Thanks,
Tony
(I posted this on the RE Law forum but didn’t get any responses)
Re: Deduct Investment Expenses? - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on October 25, 2003 at 19:00:14:
Everything that you mention can be deducted in your case. The key question is are you in business now? You have properties and you are in business now.
The expenses that you mention would not be deductable if you were not already in business. Often people want to deduct the cost of courses, etc. that are taken while getting ready to go into business at a later time. In this instance the expenses are part of the investment (to begin the business).
When you are already in business, most exenses that enable you to grow the business become deducts. A seminar in Las Vegas, and then looking at property in California (with the intent of investing), would be ordinary and necessary business expenses; even if you lived in Florida. Might as well enjoy your business trips. P.S keep good records.
Re: Deduct Investment Expenses? - Posted by Dimpil
Posted by Dimpil on October 25, 2003 at 17:23:03:
As long as it’s a business expense. You can also deduct milage, lunches for 2 or more etc. Check with your accountant.