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Updated almost 5 years ago,
Tax Deduction for purchase
Will be traveling out of state to attend the closing of my first rental property. It is brand new construction. Financing is a thirty year conventional mortgage listed as investment property. During the visit, I will attend the closing, purchase and install necessary items for the property such as window coverings, meet with a property manager to start the process of getting it rented, work out utilities, etc. Will I be able to deduct my travel expenses for this trip? What if I leave a couple of days prior to closing and I don't "officially" own the home at the time that I start the trip?
Any advice and information is appreciated.