Discussion:Real Estate Investing Seminar Exp as Business Exp
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Discussion Forum Index --> Tax Questions --> Real Estate Investing Seminar Exp as Business Exp
| 3 March 2007 | |
| A client has been taking real estate investing classes and seminars and has done a lot of traveling related to that. The seminar folks have told him that he could write off all these expenses (on a Sch. C at that) because he WILL be in a "business", with the intent of making a profit, of buying and selling real estate. He has not yet bought nor sold any property. They have told him that they have done this with many other clients and have saved them hundreds in taxes by "using this method". I have suggested otherwise, that it would generally be investment expenses, and deductible subject to investment income limits.
I would like some feedback to this topic, specifically on what to tell them without pulling hairs. I already have had a couple other clients going to another seminar telling them that they can write off ALL their car expenses because they keep their business marketing stuff in their car at all times, making them ready to present it to anyone, anytime. And that those guys can do their taxes for them. Man! What do you say to these people... | |
| 3 March 2007 | |
| Well, if they are getting trained to be real estate dealers, then those expenses could be start ups to write off if they go into business. | |
| 3 March 2007 | |
| But are these seminars qualifying client for a new trade or business? | |
| 3 March 2007 | |
| Hi you say "bye". He is just exploring a business at the moment not deductible. bye | |
| 3 March 2007 | |
| check prior threads on this subject - probably not deductible. | |
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