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Updated over 8 years ago on . Most recent reply

User Stats

126
Posts
16
Votes
Georges A.
  • Rental Property Investor
  • Barcelona, Spain
16
Votes |
126
Posts

Entertainment / Meal Receipts

Georges A.
  • Rental Property Investor
  • Barcelona, Spain
Posted

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.

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