Deducting Travel Expenses
March 29th, 2006 by Grant in: TaxesWhen I bought my first rental property, I knew that the money I put in to fix it up would have an effect (i.e. they’d be a deduction) on my taxes for this year.
What I didn’t realize was that I could deduct the travel expenses going to and from the property while I was working on it. Stupid me!
The property is about 20 miles from my house, and considering the fact that I was working on the property for about 28 days in January, I failed to record a lot of mileage that could be used for tax purposes.
I’ll have to go back and see if I can piece together which days I was there, and hopefully I can accumulate enough information for my accountant.
I’d be interested to know how other people keep track of their deductions. I obviously need a system in place to keep all this information organized so I can save my accountant some time (and me some money) next year.
What is your system for keeping track of expenses?
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August 23rd, 2006 at 1:33 am
i use an excel spreadsheet. each property has its own spreadsheet.
I have a columns for date, rent, expense, comment.
mileage is a separate spreadsheet.