I have been doing some reading on the forum and have seen some close matches to my issue but am hoping for some help understanding our situation.
First off my son purchased a rental property with a mortgage in his name. My wife and I contributed 50% of the downpayment. We intend to start an LLC, but have not yet. The rental was a short sale and required much rehab. Because of the amount of rehab we have not rented it yet and have spent the last several months working on the house. We each have invested about $15K into the house and many hours of work. I live about 100 miles from the house and commute to the house a couple of times a week.
This about sums up the current situation. We hope to purchase another rental this year and start the LLC. But, in the meantime is it possible to recoup my mileage expense (about 3,000) in 2012? Also, anything we can do about reducing our 2012 tax bill?
Thanks for any feedback.
