Hey, Mike Del Prete here with wehearthouses.com today I want to talk about travel expenses when owning real estate. Let’s say you live in Denver, Colorado and you have a property here in Phoenix, Arizona. You can take a tax deduction against your rental income for your cost of travel to and from Phoenix to check on your property meet with your property manager and your attorney. This includes flights, auto expenses and hotels. But keep in mind there are things you can’t deduct like lunch meetings with no food and a bunch of martini’s that doesn’t sit well with the IRS any longer. However there are plenty other possible deductions you can take against your rental income. Remember the tax code benefits those who provide jobs, shelter and energy. Be sure to contact your CPA and see what tax benefits are available to your specific situation.
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Check out our 101 Real Estate Tax Write Off’s Article for more information