If I’m planning to buy real estate out of state, are my trips to look at properties deductible?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. [...] How do you calculate real estate tax savings?kurt_belisle asked: My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?Lucy How do you know if you can claim Real Estate Professional?Jenga asked: I don’t want to get audited by the IRS but I hear that Real Estate Professional - non passive activity is a big issue - can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please [...] I’m a 2nd year real estate agent, how much is a reasonable amount in business expense write offs?mcurry81 asked: I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one [...] How do deduct real estate taxes on 1040a?petersruby20 asked: I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow). |