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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3166
Experience:  IRS licensed Enrolled Agent and tax instructor
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Sell timber every 11 to 12 yrs This Dec made a trip from FL

Customer Question

Sell timber every 11 to 12 yrs This Dec made a trip from FL to Ia to inspect timber fence, any possible snowmobile damage or unothorized activities. Where can I find info on deductible travel exp for investments?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: None I can think of right now.
Submitted: 9 months ago.
Category: Tax
Expert:  emc011075 replied 9 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Investment expenses are deductible as part of Itemize deduction on schedule A. The deduction is limited by 2% of your adjusted gross income and amount of net investment included in your taxable income. If you did not sell anything in 2016 you will have to ad the expenses to your basis and deduct it when you sell the timber.

Expert:  emc011075 replied 9 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?