Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago,
IRS Tax Filing Question - Newbie Here
Hi Folks
I have an IRS tax filing question. I purchased my first two rental properties in January 2021 and, am working with my tax preparer for the first time and rental schedules. Both properties are professionally managed and, reported accordingly to the IRS. I am doing this as a joint filing with my wife and, not as a business entity, nor do I have an EIN.
My question is, before I made those purchases, I went to a couple of different cities for tours and worked with Realtors. Made an offer one property but, it fell through and, I did not move forward. Can I use the expenses receipts for those two trips, for properties purchased in a different city? Basically, can I claim my "shopping around" expenses?
As a follow up, can I use my expenses for my attendance at BPCON 2021 as an "educational" expense towards my tax fillings?
Thank you - Shant