Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
Guest Noob_Investor

Tax deductions?

Recommended Posts

Guest Noob_Investor

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 :P

Share this post


Link to post
Share on other sites
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
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

×
×
  • Create New...