Track mileage before I own my first investment property?
I'm in the process of searching for my first investment property. I was wondering if the mileage I accrue while driving potential properties can be counted on my taxes? As I said, I'm not "officially" a real estate investor (or am I?) until I have at least one property under my belt, but if I'm in the act of searching for that first property, does that count as a business expense? For what's it's worth, I plan to have my first property this year, so I know that at that point, my mileage will count.
Thanks!
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Natalie Kolodij
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@Daniel Hyman is completely correct.
If/when you buy a property the mileage gets capitalized into your basis as a cost to acquire the property. They aren't necessarily deductible in year incurred.
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