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Updated about 6 years ago on . Most recent reply

User Stats

29
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Patrick Owens
  • Rental Property Investor
  • Charleston, SC
13
Votes |
29
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Tax deductions for visiting out of state property

Patrick Owens
  • Rental Property Investor
  • Charleston, SC
Posted

So, I am considering a long term rental property in Florida. We live in Charleston, SC. In addition to having cash flow, this would be a great vacation spot for us. The question is: What are the tax deductions available for us to visit the property once or twice per year?

I’m certain that someone on BiggerPockets has already worked this out. 😄

  • Patrick Owens
  • Most Popular Reply

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    Filipe Pereira
    • Property Manager
    • Windsor Locks, CT
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    Filipe Pereira
    • Property Manager
    • Windsor Locks, CT
    Replied

    @Patrick Owens You also want to be careful with how you plan it. My understanding (I'm not a CPA) is that if you plan business related tasks on Monday and Tuesday and plan on spending Wednesday, Thursday, and Friday at the beach, you can't claim the hotel expenses for Wed-Fri. In that case you want to "book end" your business tasks - I.e. " I went to visit my property on Monday to do a walk through and my contractor could only meet me on that Friday". 

    I'm not telling you how to cheat the system, but that's what I read in a tax book last year. 

    @Patrick Owens

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