heart_and_troll asked:
In accordance with the usual IRS travel/meals/ent rules, of course. Are these deductible this year even if I buy next year? What if circumstances change and I don’t buy at all? I’ve heard that if I don’t buy, not deductible; if I do, must be added to basis, not deducted. On the other hand, another person doing the same thing was told by his accountant to form an ‘investment’ corp. and write off all his real estate searching travel within that corp. (hopefully, he is not planning to tell this guy to buy the real estate in the corp, but if he isn’t then the tax write offs for the corp don’t seem that legit.). Thoughts? Thanks.
Sorry, this is for investment purposes, not for a personal residence.
Not pers residence, not vacation home. Rental property.
Yes, I already have one investment property, and the reason for buying elsewhere is because I believe, and research seems to back me up, that better value and better price appreciation can be had there vs here (think an expensive bubble area where rent positive rentals are hard to achieve, vs a midwestern locale where stuff is cheap and rent positive is the norm).
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