Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 3 years ago,
Travel Expenses and Tax Deductions
Hi Everyone,
New investor here. Just bought a SFR rental in Mesa, AZ and I am already doing some tax planning. I live in California, so I plan to drive to my rental property and I had a question regarding travel expenses and tax deductions.
For gas, do I make the purchase with the rental property's account/debit card and just deduct it on the Schedule E? Do I make the gas purchase on my personal credit card, reimburse myself from the property's account, and then deduct it on the Schedule E? Do I make the purchase on my personal credit card, don't reimburse myself, then just deduct the expense on the Schedule E?
I know I am going to use the standard mileage deduction, but I was just wondering how I should make the actual gas expenses when I travel.
Thanks!