Mileage Deduction For Looking At Properties
Can you deduct the mileage for driving to and from a property before you buy it. I imagine anyone that invests in real estate would rack up quite a few miles by just checking out potential investments. Is this deductible?
Thanks
Sure is and at 40.5 cents a mile this year!
Absoultely! My CPA tells me to keep track of all the miles used for REI (looking at properties, going to meetings, picking up stamps for my mailings, etc) and describe what your activity is for each set of mile you've travelled. 12 miles to look at a property on Main St, 16 miles to and from my RE Meeting, 4 miles to drive to the bank to inquire about a investment mortgage. This type of stuff... I keep mine in Excel and it all adds up for my accountant to work with...
Good Luck!
[addsig]