Guest Noob_Investor Report post Posted February 4, 2006 Hello,( I have this post also in the lease purchasing forum and MichaelC said I should post it here) I have a question regarding tax deductions. Can I write off cost of Mentorship, Traveling to Mentor, expenses while there(hotel room, food,etc.)? IF I can deduct those expenses do I form a business first then talk to a tax specialist? Thanks,Noob_Investor Share this post Link to post Share on other sites
Dave T 0 Report post Posted February 5, 2006 Can I write off cost of Mentorship, Traveling to Mentor, expenses while there(hotel room, food,etc.)? IF I can deduct those expenses do I form a business first then talk to a tax specialist? If you are in the process of changing "careers", then NO, these expenses are personal expenses and not deductible. If you have already established your real estate business, then these costs could be deductible training expenses as long as the training is related to the investment strategy for your business. Yes, consult a specialist before doing anything first. The specialist can even advise you on the type of business entity that is most appropriate for your specific circumstances and investment strategy. Then form the business, then consider spending money on training. Share this post Link to post Share on other sites
Guest Guest Report post Posted February 5, 2006 Yes, consult a specialist before doing anything first. The specialist can even advise you on the type of business entity that is most appropriate for your specific circumstances and investment strategy. Then form the business, then consider spending money on training.-Dave: Let me see if I understand. 1. Contact lawyer or CPA about the right business entity to form and form one.2. Then talk to them about tax deductions such as training. Thanks guys,Noob_Investor Share this post Link to post Share on other sites
Craig 0 Report post Posted February 5, 2006 Sounds like a plan. Craig Share this post Link to post Share on other sites