It may not be beachfront real estate surrounded by palm trees and tropical breezes, but for most of us real estate investors, our car is our second home.
Indeed, due to the geographic diversification of our portfolios and our relationships, we can sometimes spend more time driving in our cars than connecting with our own families, due to:
- Checking on properties
- Scouting new neighborhoods
- Closings
- Meeting with buyers
- Meeting with sellers
- Meeting with colleagues
- Etc…
And in addition to our time spent focused on the road, we can find ourselves spending even more time trying to track our mileage statistics, in order to claim that much-deserved mileage deduction at tax time.
According to the IRS, real estate professionals (yes, includes investors) may deduct any business expense that is both “normal” and necessary to make a profit. Most of us use the same vehicle for both business and personal use, but the IRS says auto expenses…
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.