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Updated about 2 years ago,

User Stats

6
Posts
2
Votes
Mike Wilson
  • Investor
  • Owasso, OK
2
Votes |
6
Posts

Mileage expense - can I expense during rehab?

Mike Wilson
  • Investor
  • Owasso, OK
Posted

I know that as a landlord manager of my properties I can deduct at a rate of $0.56/mile the cost to drive to my rentals as long as I keep good records and for certain approved activities such as collecting rent; going to make repairs, etc. However, I'm looking a purchasing a fixer-upper that will take lots of trips and is about an hour away. Would be about $40/round trip in expenses if allowed. I am thinking that I can only expense after the place is being rented and expenses against rental income. Can someone tell me if I have a valid expense I can collect during the rehab period?

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