All Topics / The Treasure Chest / tax deductions for IP-associated travel

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  • Profile photo of AnastasiaAnastasia
    Participant
    @anastasia
    Join Date: 2003
    Post Count: 28
    August 8, 2003 - 11:31 am

    Hi,

    At the risk of sounding extremely naive, can someone pls advise if it is possible to claim travel costs to view or find prospective IPs as a tax deduction – whether you end up buying a place on a particlar trip or not? Assuming that you are able to prove that is what you are using the trip for.

    Thanks
    Anastasia

    Profile photo of Kirby319Kirby319
    Member
    @kirby319
    Join Date: 2003
    Post Count: 120
    August 8, 2003 - 12:02 pm

    The short answer is no.

    The costs associated with finding and purchasing an IP are considered to be a capital expense and are not tax deductable.

    Profile photo of crashycrashy
    Participant
    @crashy
    Join Date: 2003
    Post Count: 736
    August 8, 2003 - 12:05 pm

    however it is possible to claim travel expenses and accommodation 2x a year to inspect your property

    Profile photo of jj0007jj0007
    Member
    @jj0007
    Join Date: 2003
    Post Count: 10
    August 8, 2003 - 12:06 pm

    are you sure? I’ve been told it is tax deductable, however you will need to keep a log book.

    The expense incurred is with the aim of generating income i.e. rent. Hence it is claimable as a deduction?

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