Posted on February 9, 2010 - by admin
I Own A Second Home In A Location Where I Travel For Business. What Travel Expenses Can I Deduct?
When I travel to the second home location, I stay in the property rather than renting a hotel. Can I deduct some costs associated with this property? For example, depreciation of the purchase price? What about office furniture? What about other furniture? Management fees, utilities, etc?
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February 9, 2010
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Jules said:
For business travel, many lodging expenses are tax deductible. This could be a HUGE deduction, so collect your paperwork and call up an accountant. Tell him you want a FREE 5 minute consultation, first of all. Say you want to know if your house can be tax deductible. If he says yes, then book a date right away. You’ll probably have to invest alot into getting a good accountant before taxes are due, so make sure the deduction will be big.
See the Irs website: http://www.irs.gov/taxtopics/tc511.html
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February 9, 2010
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Ryan M said:
Seriously, consult with a tax CPA for this NOT a message board! I am a CPA, but not a tax one, and this is a VERY complicated issue because you have several different types of expenses associated with the home.
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February 9, 2010
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the tax lady said:
From the IRS’s point of view, none. For lodging expenses on business trips, you need actual receipts. You can’t issue yourself a bill, so this is a lose, lose situation.