How Do Real Estate Investors Deduct Travel Expenses?

Рет қаралды 3,841

Clint Coons Esq. | Real Estate Asset Protection

Күн бұрын

How do real estate investors deduct travel expenses? In this video, we will go over the rules you need to follow to meet the requirements for deducting expenses.
“You need to document your activities!” 8:40
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Documenting expenses is crucial to the process, and it is important to know the rules that apply. If you are deducting a business expense on your tax return and have not properly documented it, then the IRS may disallow that deduction entirely. In addition, if you fail to document your expenses properly, then you could face an audit by the IRS or state tax authorities.
After watching this video, you'll be ready to deduct your travel expenses for the year!
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Until our next installment, stay tuned and watch out for the IRS!
Show Notes:
0:00 Intro
1:02 Traveling For Real Estate Investing
4:48 Lodging
5:39 What is Deductible?
6:47 Getting Creative
7:36 Viewing Properties
8:40 Documentation
9:24 Outro
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#deductions #expenses #realestateinvestor

Пікірлер: 16

@cmacuf Ай бұрын

What a valuable video. Thank you

@trangnguyen-yx9px Жыл бұрын

Thanks for the good information!

@ClintCoons Жыл бұрын

You bet!

@timothybracken1728 Жыл бұрын

Nicely done Clint!

@ClintCoons Жыл бұрын

Thank you kindly!

@marksun6420 8 ай бұрын

Thank you so much Clint. How much can you deduct? As long as it is real spend? Whether I fly first class or not I can still do the business. Is their requirement in travel/lodging/meal I can do? Also what is your fav way of documenting? And what kind of things need to be documented

@ClintCoons 8 ай бұрын

You can deduct the entire business cost of travel. Some will argue it can not be lavish or extravagant but first class does not fit that category anymore. :) You can deduct all your meals and lodging while you are conducting business at your business location. Save your receipts and keep a log of your travel where, why, who, what and when.

@michigan_616 Жыл бұрын

What about if we drive to our rental but we stay at a hotel halfway. Would take be considered two business days travel there and two business days travel back?

@konshenz23 11 ай бұрын

Does going to school to get your business degree count as a business-related activity allowing you to write off the travel to attend the school?

@Kwambe Жыл бұрын

What's the best way to document business travel. Is it just keeping my receipts?

@ClintCoons Жыл бұрын

Yes and keep a log of the purpose for the trip and how much time you spent on business (if personal time was mixed in)

@davidmeza3157 5 ай бұрын

Greetings, great video, thank you. Question: I'm a real estate investor. However, I'm not a real estate agent. Am I eligible to write off the cost of my travel if I travel to view potential properties in another country (Mexico/Philippines)?

@ClintCoons 5 ай бұрын

Yes you can if you are a real estate professional and you can show that you have a genuine interest in buying real estate in those places and you conduct business while you are there. Speak with a CPA on how to document it properly.

@davidmeza3157 5 ай бұрын

Thank you!@@ClintCoons