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Tax Deductions (4)
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Turn fun trips into tax deductions
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Here are more ideas how to reduce your taxable income. Let's say you like to go gambling in Vegas or skiing in Tahoe. You visit these places twice a year. Ever thought you could turn the expenses on these trips into a tax deduction?
Here is how.
On your next trip, meet with a real estate professional and acquire a rental property and rent it out. From now on, you will have to check on your tenants once in a while (every 6 months sounds like a good idea to me).
Your trip related expenses (transportation, lodging, food) will be a (rental) business expense from now on. Now don't try to put your lift tickets there.
Don't have the money to buy a bunch of rentals? No problem. The *intention* counts. Try to document your meeting with a real estate agent and deduct this single trip.
You could also buy a time share and rent it out (as opposed to stay in there yourself).
You could even buy a time share, have perfect documentation about your honest intention to get into the rental business, then within your 5-day cooling off period reverse the transaction, pay nothing and again, deduct the expenses of this single trip.
I'm just a tax paying individual. This column was written solely for entertainment purposes and you are encouraged to seek professional advice to plan your financial future.
In particular, the author did not buy any time shares or other rentals and subsequently mixed business with pleasure.