Books, Entertainment, Travel - Tax Deductible

[Mark S.]

Hi,

Tax question. I currently own 19 units in 7 different properties. All of the properties are held in my name personally, not in an LLC or partnership. I am a heavily leveraged individual, which is way I haven't yet put the properties in LLCs. My question is, are the books and memberships bought from sites like BiggerPockets considered tax deductible if I'm using to help educate myself? Where I don't have a company name, would this have any negative tax implications or tax advantages I'm missing? I have a FT job, so I'm not technically considered a real estate professional. Thank you in advance.

[Cody Backus]

You really should consult with a good CPA. Especially in your position and you should also have a great relationship with a good real estate & business planning attorney. You are getting to the point when these things matter enough to have a good team to advise you. Unless you get a CPA or local attorney from BP to answer your question, you won't get the answer you really need. You will get what you pay for and that is scary when you have the assets you do. I can promise the value you will get far outweighs the cost of professionals who can help you accomplish your goals.