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Updated about 8 years ago,
Tax deduction for looking for investments?
Hi everyone, happy new year. Fiancé and I are heading up to Vermont for 2 nights to look at some potential investment property. Not sure if we would treat it as a "rental" or a "vacation home" or "business", but we wouldn't be there more than 14 days a year, that's for sure! Maybe 6-8 days a year, maybe!! And they would most likely be maintenance days.
Anyway, would our travel expenses for this trip be deductible as long as we save receipts and keep a record of properties we looked at and realtors we met with? I'm only thinking fuel, tolls, lodging and meals. Would they only be deductible if we purchased property in Vermont? Reason I ask that is because we are also planning a couple other weekends in a few other areas. Haven't decided if we will do a golf, ski, beach, or NYC city, etc rental/vacation home yet.
Appreciate any help or insight, thanks!!