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Updated about 4 years ago,
Business Expense - RE Exploration
Hello BiggerPockets!
I am still a newbie real estate investor located in Minneapolis, but I have been perusing some other out of state markets with larger cash flow margins. I recently finished the Bigger Pockets book on Tax Strategies for the Savvy Real Estate investor, and there was extensive discussions on business expense deductions.
1. If I was to fly or drive to other markets to explore neighborhoods, how would I be able to deduct these expenses from my personal taxes (I do not have an LLC or other entity)? Is there a IRS Schedule that I would fill out?
2. Although most (> 50%) of the trip is for business purposes, can I even deduct these expenses without actually owning any real estate yet?