Updated over 4 years ago on .
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Capturing expenses during property research
In October, we did a trip to Idaho for the exclusive purposes for finding a LTR. The expenses were
1. The car mileage and gas
2. The lodging and food
Overall, the trip cost us ~$5K. We did not end up investing in Idaho. We ended up investing in another state (Montana). The new LTR single family is now bought and rented. It is a quit claim deal where it is owned by the new LLC we created. The new LLC has its own bank account.
How should this trip get captured for tax purposes?