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Tax deductions for visiting out of state property
So, I am considering a long term rental property in Florida. We live in Charleston, SC. In addition to having cash flow, this would be a great vacation spot for us. The question is: What are the tax deductions available for us to visit the property once or twice per year?
I’m certain that someone on BiggerPockets has already worked this out. 😄
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@Patrick Owens You also want to be careful with how you plan it. My understanding (I'm not a CPA) is that if you plan business related tasks on Monday and Tuesday and plan on spending Wednesday, Thursday, and Friday at the beach, you can't claim the hotel expenses for Wed-Fri. In that case you want to "book end" your business tasks - I.e. " I went to visit my property on Monday to do a walk through and my contractor could only meet me on that Friday".
I'm not telling you how to cheat the system, but that's what I read in a tax book last year.