Are you a self-employed real estate investor?
This means that you have a ton of business-related tax deductions you can use to your advantage when tax time comes. Mileage is definitely a deduction used by many investors.
How many times have you scouted neighborhoods in search of potential houses you can flip or wholesale? How many times have you driven around putting up bandit signs? Or conducted open houses?
Let’s face it, a hands-on real estate professional is busy and all that travel in your car accumulates over time. Taking advantage of this large tax deduction opportunity shows that you are a responsible real estate professional.
Disclaimer: We are not accountants or tax professionals. We are real estate investors. All that accounting stuff can give us a headache. This lesson has tips and techniques based on our experience that might be helpful in lowering taxes. You should always speak with a tax professional for any and all tax/accounting purposes. Got it? Good.
…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.