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Updated almost 6 years ago,
Question about write-offs
Hi y'all! Newbie here. Getting ready to start my flipping and rental business and just so many questions. No matter how much I read, it doesn't seem like I'm going to be able to cover it all. So throwing out a question here. I live in MD and want to find flips/rentals in SC. I haven't created an LLC yet. I plan on going to SC this summer to talk with property management companies and look for properties. I'll probably work in some pleasure time as well. What can I write off on these trips as business expenses? Mileage? Rooms? Food when I'm meeting with business people? Do I have to form my LLC first? I just want to make sure I do this right and claim what I legally can. Thanks a bunch in advance to anyone who can help me out!