Posted by The Baze on April 28, 1999 at 20:12:11:
Dave,
When I went to the St. Louis workshop, I allocated the cost to each rental property that I own, and wrote it off on Sch E.
Tom Bazley
See Las Vegas and let uncle sam pay for it? - Posted by David (GA)
Posted by David (GA) on April 28, 1999 at 07:09:17:
I was thinking about going to Las Vegas and have heard that if you make an offer on property in the city you visit you can wright the trip off on your taxes.
Of course I would make a low offer that no one would accept. I have rental property in Georgia so I think that would make me in the business as far as uncle sam is concern.
If anyone has tried this let me know.
David (GA)
Re: intent & consistency = deductible expenses - Posted by NJDAVE
Posted by NJDAVE on April 28, 1999 at 13:03:02:
Try posting your question on the Federal Tax Prison’s board. I’m sure you’ll get some good advice. In the meanwhile, let’s all try to eradicate corporate welfare and our ridiculous income tax code.
Re: See Las Vegas and let uncle sam pay for it? - Posted by Sean
Posted by Sean on April 28, 1999 at 09:53:43:
This is an new variation on the old plan of having job interviews while you are on a trip to make the cost tax deductible, but I believe there’s a certain amount of hours you’re supposed to spend pursuing jobs.
interesting - Posted by David S
Posted by David S on April 28, 1999 at 08:19:03:
First, I wanted to make it clear that you and I are not the same David from Georgia.
Second, I would suggest that if you want to visit a resort area, do some legwork and find a real estate seminar located in the city of your choice and attend.
Instead of waisting everyone’s time with your idea of lowball offers that would never be accepted, try to educate yourself and make the world a happier place for all.
David S
Puh-lease - Posted by JHyre in Ohio
Posted by JHyre in Ohio on April 28, 1999 at 15:11:12:
Spare us the soapbaox & post helpful answers. If you must editorialize, at least make it amusing.
Re trip to Las Vegas: common sense applies. If you have bona fide business there and the primary purpose of the trip is to conduct that business, travel expenses are deductible. Other expenses (e.g.- lodging)are deductible to the degree they actually pertain to the business- so you have to prorate for the personal time. If the business is not bona fide- your post strongly suggests that- then no deductions. As David S. mentioned, seminars in the continental US that relate to bona fide business are deductible…like Bronchick’s in LV on MAy 15, assuming your a RE investor.
John Hyre
Re: Puh-lease - Posted by Dave T
Posted by Dave T on April 28, 1999 at 16:42:18:
John,
I file a simple 1040 with Sched A, B, D, E, and several other numbered forms. Without operating a business reported on Schedule C, I am not clear where I would deduct the expenses of attending the March CRE Convention as well as the costs of the various course materials I bought while there.
Do I simply allocate a share to each of the properties reported on my Schedule E, take the entire deduction on Schedule A as a Misc deduction, or use Form 2601 (Unreimbursed Employee Expense) even though I have no W-2 income and do not file Schedule C?
If Schedule A is the answer, does the 2% rule apply?
Thanks for your assistance.
Dave Toelkes