Legal and Travel Deductions for Lenders Hello,
I am a private lender on a 100 acres of vacant land. The note/mortgage I hold is an investment. I am not a dealer.
The property is 3000 miles away and I am in the process of foreclosing on the borrower. As a result I am required to travel to the courts jurisdiction in which the foreclosure is taking place.
Are my legal and travel expenses tax deductible (attorney fees, court costs, flights, hotel, meals, etc.)? If they are, how are they reported on my personal tax return?
Thank you. |