Michael
Petruccelli says; What can you deduct?
There are dozens of possible tax
deductions for real estate professionals. Any expense for your real estate
business is deductible if it is:
- ordinary and necessary;
- directly related to your business; and
- reasonable in amount
An expense doesn’t have to be
indispensable to be necessary; it need only help your business in some way —
even if it’s a minor way. A one-time expenditure can be ordinary and necessary.
