DEDUCT YOUR VACATION BILL WALSTON
Records to Keep
Remember the old saying about real estate. . .
Location, location, location. Well with the good old
Uncle
Sam
the
rule
is.
.
.
Documentation,
documentation, documentation. Make sure that you
set up a trip folder. Keep copies of e-mails setting up
appointments
with
realtors.
Take
photos
of
properties you view. Take notes at meetings you
attend. Keep copies of MLS print outs. Make sure
This means that you can take individuals with you
and deduct 100% of their business travel as long as
they are directly associated with your business in any
one of the preceding three circumstances.
Make Weekends Deductible
your business appointments are recorded in your
calendar. This all will establish the business intent
and purpose of your travel. And remember, without
business intent there is no deduction.
So, there you have it. When you are a small
business owner (and as a real estate investor that
How would you like to treat Saturday and Sunday as
includes you) the tax law turns in your favor. What
business days without ever working on the weekend?
were once personal non-deductible expenses have
You can – if you know what you are doing. As long as
now become tax-deductible business expenses.
Friday and Monday are business days then Saturday
With proper planning, you can literally make your life
and Sunday are business days as well – even if you
tax deductible.
party like a rock star on the weekend! This is a very
DISCLAIMER AND/OR LEGAL NOTICES:
popular strategy; however, its success rests on your
The information presented herein represents the view of the author as of the date of
publication. Because of the rate with which conditions and tax laws change, the author
reserves the right to alter and update his opinion based on the new conditions.
ability to substantiate your claim that there was
legitimate business activity on both Friday and
Saturday.
If advice concerning legal or tax related matters is needed, the services of a fully qualified
professional should be sought. This article is intended for informational purposes only,
and not intended for use as a source of legal or accounting advice.