Real estate investment expenses
ProSeriesWhere to deduct expenses related to real estate looked at but not purchased?
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Acrewer
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03/29/09 4:03pm PDT
Viewed by asker 03/29/09 5:38pm PDT
Viewed by asker 03/29/09 5:38pm PDT
4 Replies
ArchieLeach
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03/29/09 4:27pm PDT
Best Answer - Chosen by the Community
I'm going to stick my neck out and say that unless your client qualifies as a real estate professional, they're not deductible at all. Especially if it's travel expenses. Especially if it's to places where a lot of people go to ski, sunbathe, gamble or sightsee.
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
Acrewer
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03/29/09 4:49pm PDT
Client looked at 8 properties in this city, bid at auction and won 4. Expenses are for appraisals of all properties. Could this be considered investment expense?
Mt Juliet CPA
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03/29/09 5:13pm PDT
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Mimbreno
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03/29/09 6:15pm PDT
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Now it is sounding more like an income producing endeavor whereas your original question made my narrow minded brain go to the thought that it was a search for a personal residence. I can't say I know your answer as it is a unique question but it seems like the appraisal fees could be deducted on form 4952 if indeed this is investment property being purchased. I'd like to hear Archie Leach chime back in.
I am not young enough to know everything. - Oscar Wilde
