Don’t Forget The Mileage

Remember that when you own residential income property that you own a “business.”  Everything you do that is an expense is deductible from the income of that business.  And don’t forget the mileage.

Each time  you drive over to show a house, fix a door knob, check on the trash the tenant left outside the house, etc. you are conducting business and those miles are tax deductible.  So don’t forget to have a log book that logs the mileage and purpose of each trip, as required by the IRS.

I use a digital log book on my phone called TripLog.  But there are several good apps out there.

Mileage adds up quick! Don’t forget this deduction.  Plus, it helps you to think of your rental properties like a business.

1 Comment

Filed under Investment Property

One response to “Don’t Forget The Mileage

  1. Thanks! I’m a Swedish in investor who just bought real estate in Florida. My adress for tax etc. is different from where my investment properties are at, so will start logging the milage asap.

    Thanks!

    (http://www.larsdyrendahl.com

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