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Updated about 8 years ago on . Most recent reply

User Stats

85
Posts
21
Votes
Adam Smith
Pro Member
  • Civil Engineer
  • Firestone, CO
21
Votes |
85
Posts

Tax Question - Investigating New Markets

Adam Smith
Pro Member
  • Civil Engineer
  • Firestone, CO
Posted

Happy New Year BP!  We have two rentals locally and are looking into new markets since our local market is higher priced vs rents.

My question is, can we write off (for taxes) the cost (or some of the cost) of traveling to a new market (out of state) to look at properties to purchase and rent, meet with property managers, etc?  We obviously do not have a rental yet in the new state so we would not have a property in that state to write it off against.

Based on my research I don't think we can but I thought I would ask just to make sure.

We are meeting with our CPA in January which I plan to ask as well.

Thanks in advance!

  • Adam Smith
  • Loading replies...