Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago,

User Stats

21
Posts
5
Votes
Carlson Driver
5
Votes |
21
Posts

Capturing expenses during property research

Carlson Driver
Posted

In October, we did a trip to Idaho for the exclusive purposes for finding a LTR. The expenses were 

1. The car mileage and gas

2. The lodging and food

Overall, the trip cost us ~$5K. We did not end up investing in Idaho. We ended up investing in another state (Montana). The new LTR single family is now bought and rented. It is a quit claim deal where it is owned by the new LLC we created. The new LLC has its own bank account.

How should this trip get captured for tax purposes?

Loading replies...