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When people travel to their rental property and have travel…

When people travel to their...
When people travel to their rental property and have travel expenses where does it go on the Schedule E? Food, rent, hotel are the ones that come into mind.
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Answered in 1 day by:
3/21/2018
PhillipsEsq.
PhillipsEsq., Attorney-at-Law
Category: Tax
Satisfied Customers: 21,315
Experience: B.A., M.B.A, J.D.
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Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

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That should go one Line 6. For instructions on how to complete the rest of the form, click here.

Best wishes,

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Customer reply replied 1 month ago
34;... including 50% of meal expenses incurred while traveling away from home." This is the entire amount of instructions that is given on how to report travel expenses. If you cannot give me more details on how to fill out this line, then I would like a second opinion.

I will opt out to give another Attorney the opportunity to further assist you.

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Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello, I will assist you further.

What specific information would you like clarified?

Line 6, is where you would deduct "Auto and travel"

___

Two key terms in determining what you may deduct are the words "ordinary," and "necessary"

___

You may deduct the cost of 50% meals while traveling away from home. For travel, "In most cases, you can either deduct your actual expenses or take the standard mileage rate."

If you take the standard mileage rate, multiply the number of miles driven in connection with your rental activities by 53.5 cents a mile

____

Please let me know your follow up questions.

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Customer reply replied 29 days ago
It seems everything you mentioned is basically what I would do if I were running a business. In other words, this is how you would report the expenses on a Schedule C. So since Schedule E is for travel and suto, I would do all of this on a separate piece of paper and then put the final number on line 6.
In other words, Schedule C is all compacted and put on line 6 of Schedule E?

The calculation is basically the same as Schedule C. The reason why you are putting this information on Schedule E is because the business of renting real estate is a passive income activity unless you are a real estate professional, then you would use Schedule C.

___

Yes, you should document and calculate your travel and meal expenses separately, then total the amount and place that information on line 6 of Schedule E

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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