Updated over 9 years ago on . Most recent reply
Entertainment / Meal Receipts
This is a very basic question so I apologize in advance:
I racked up a LOT of meal / entertainment receipts for being an agent / Property manager. Am I trying to use them to evade taxes and deduct my day to day meal expenses ? Not really. I do believe that networking is the way to go and I go to A LOT of networking events where I meet locals, discuss RE (and other stuff) , and get insights on local market conditions. I invited my neighbor for lunch the other day and he told me about a property for sale that I ended up making an offer on it.
Reading a tax book, it seems that I need to document each and every receipt and mention who I met with ,etc , etc. It's a lifestyle for me. Should I deduct these expenses or should I just suck it up?
Again, I am really not trying to be sneaky here, but I do believe that you have to go out there, network, buy people a few drinks and get the inside news from the locals to get the REAL deals that you won't find on the MLS.