Investor, Teacher · Central New York, NY · Member since 2014 · 71 posts · 25 votes
I currently own or manage two different real estate LLC's. When I travel to the bank to deposit rents each month I deposit all the rents at the same time. Am I able to take the travel deduction for both businesses even though it is only one trip?
You can not double up on the miles deduction. You can split the miles between each of the LLC's.
If it were allowable to deduct the miles for each LLC, people would likely set up many different LLC's and find ways to exploit a single deduction many times over.
Thanks Luke. I figured there must be a strategy to determine how the miles are divided up. I figured using the same trip and claiming it more than once would be "double" or even "triple" dipping it. I appreciate your response.