I recently did a sort of "cash for keys". I had a tenant that said they would rather be evicted than leave and rather than go through that I got them a hotel room for a while.
Should I throw away the receipt for for this hotel room or should I put it in the file with the other property expenses for the 2015 tax year?
Any experience, thoughts, on this one?
I definitely wouldn't throw it away. Give it to your accountant and let them decide. Sounds like a legitimate business expense to me.
Thanks Asa.......I'm my accountant. I do have an accountant I can ask if we get stuck but thought I'd try here first. Receipt has been saved for now. Thanks.
I would deduct it.
Sounds like a deductible rental expense to me. - Accountant. Taking CPA Exam.
Yes, it's deductible. I would count it as a Rent Refund and just report less rent rather than finding a category for it on the expense side.
You all are fantastic. Thank you very much.