Only the standard mileage rate may be claimed for transportation expenses to look after a rental property.
Taxpayers should keep records of their mileage and travel expenses to substantiate the expenses before reporting on Schedule E (Form 1040).
Travel and transportation expenses are only deductible on the Schedule A (Form 1040) when there are records to substantiate the expenses.
Travel and transportation expenses are not allowed as a rental expense.
1 answer
The true statement regarding travel and transportation expenses related to rental property is:
Taxpayers should keep records of their mileage and travel expenses to substantiate the expenses before reporting on Schedule E (Form 1040).
Taxpayers need to maintain accurate records to substantiate their claims for travel and transportation expenses associated with managing rental property. This documentation is important for compliance and may be requested by the IRS.
