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Updated over 4 years ago on . Most recent reply

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5
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Jeff Christman
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5
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Mileage deduction on fix and flip

Jeff Christman
Posted

Question 1:    I completed my first FLIP a couple months ago.  I kept track of all my mileage assuming this was a deductible expense.  I'm not sure I did it correctly vs the IRS though.  On days that I went to the property after getting off work at my W2 job, I logged the miles from (work>property>home).  Now I'm questioning if I am only allowed to expense (home>property>home).  Clarification would be great.

Question 2:    Now I am searching for a RENTAL property.  Is my mileage deductible as I drive to look for properties, look at properties with an agent, etc.?   Office supplies and postage for mailing letters to owners??

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