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Karen M.
  • Hales Corners, WI
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Deductible expenses?

Karen M.
  • Hales Corners, WI
Posted Jun 2 2013, 08:15

OK, this feels like a stupid question, but....

--do you run your rental investments as a business, and...

--therefore, do you deduct all your business expenses, such as your REIA membership, miles driving around to explore neighborhoods, etc. etc. etc.?

I am starting out with research, want to join a REIA, and am going to start exploring and planning. There will be expenses for books and miles and office supplies, etc. etc etc.

Are you set up that these are tax deductible, and should I start with a bank account for a sole proprietorship (and convert to an LLC when I actually am ready to pull the trigger and purchase properties?) Right now I'm in the learning phase, and this phase could take several months or even a year. I'm not spending a great deal of money, but if I should track and take deductions, then I'd like to.

Thanks so much!

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