Mileage write tax write off from Investing Travel

Rental Property Investor · Summerville, GA · Member since 2021 · 20 posts · 9 votes

I drove 90 miles to see a property we are interested in for investment purposes. We already own 2 investment homes and are under contract for a quadplex. What documentation is needed to use this trip as a tax write off?

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JD MartinBusiness Member

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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes

@Natalie Kolodij is your resource here :)

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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
5y
@Natalie Kolodij is your resource here :)
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Natalie KolodijBusiness Member
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Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
5y
If your other propeties are in that same general location then it's deductible as you're already in business there to the IRS.

If you don't own properties there at all then the cost of those miles/ ect would get capitalzed and added to the cost of whatever property you end up buying there. They're pre-operating costs to the IRS.
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
4y
There are some apps that are designed to keep track of the mileages that you drive - MilesIQ is the app that I recommend.

Regarding your situation - Miles can be deducted or capitalized depending on whether you have properties in the area that you drove to.

Best of luck!
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