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Reply to "i own a rental condo; any good ideas about how to maximize deductions?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here, ok, does anyone take expenses for meals where you discuss business? that kind of thing? [/quote] Can't imagine in what context that would legitimately come up. Dinner with your tenant? Dinner with your realtor? Unless you own a flotilla of condos with other investors in which case you've probably set it up as an LLC or REIT anyway.[/quote] I deduct 50% of meals - but my condo is in Chicago and I am in DC, so meals are part of travelling costs. See schedule E instructions attached above, language as follows: "You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home." [/quote]
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