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Updated over 7 years ago on . Most recent reply

Account Closed
  • Raleigh, NC
11
Votes |
14
Posts

Best way to deduct meals, vehicle, etc. on taxes for landlord?

Account Closed
  • Raleigh, NC
Posted

I am actively seeking investment properties (buy and hold) in the Raleigh, NC and surrounding areas (A & B neighborhoods predominantly) and need insight regarding how to structure an entity that is tax advantaged.  Currently when I meet with real estate professionals, interview contractors, discuss investing in real estate with friends/family I cannot write off any of the expenses on my income taxes - some of my friends who own businesses write off a reasonable # of meals (where business is discussed), they also write off their vehicles and other expenses that pertain to their businesses.


Any insight from REI's who have experience? Appreciate your help.

Most Popular Reply

User Stats

36
Posts
22
Votes
Samuel Collier
  • Greensboro, NC
22
Votes |
36
Posts
Samuel Collier
  • Greensboro, NC
Replied

One thing to think about is that, depending on how much you're writing off, it could hinder your ability to get a loan in the future (assuming you wanted to finance multiple properties.) Tax write-offs will reduce the amount of income a lender can credit you with for qualifying purposes. 

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