If you own a rental property, no doubt you’re going to visit it from time to time.
Maybe there’s a leak that needs fixing. Or perhaps you want to hand over the keys to a new tenant. In any case, if you’re driving to your rental units you need to ask yourself these three questions:
Question #1: “For tax purposes, how do I treat a trip from home to my rental property?”
Question #2: “Does that trip produce deductible mileage?”
Question #3: “Or is the trip to be treated as a personal commute?”
The answers to these important questions must be determined before you file your tax returns. Which makes this the perfect time to read my latest article titled Tax Tips: Tax Deductions for Mileage to Rental Properties.
Three ways our fact-filled article can help you:
- We’ll tell you four things to keep track of. If you want to keep the IRS happy be sure to keep good records. We’ll tell you what’s important to document when you read the full article.
- You’ll learn the general rule that applies. “To deduct, or not to deduct. That is the question.” Want a straight answer to this question based on our careful reading of the tax law? Don’t miss this chance to read the full article.
- We’ll explain a great way to make sure you get your deduction. If your rental properties rise to the level of a business, then you can install an office in your home. (You might have one already.) That would make the trips from your home to and from your properties deductible. We’ll provide the details when you read the full article.