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Updated about 10 years ago,
Allowable tax deductions
I'm an active investor, but I don't qualify as a professional REI. I'm trying to understand what types of business related expenses I can deduct. I have created an LLC that I will be using to buy my investment properties in.
If I take a trip somewhere to view investment properties, can I deduct those expenses from my earned income when I file? What if I bought a new computer and software to manage my investments? Or are these expenses deductible only if I'm a real estate professional?
Thanks.