Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Are meals deductible associated with a Sch E rental?

hmosbergea
Level 3

4 related individuals each own 25% of a Sch. E rental.

1)They have lunch meetings to discuss rental activities: repairs, bills, etc. throughout year.
2)They have lunch meetings to discuss sale of rental, and sign escrow papers.

What percent (if any) of food expense is deductible as a rental expense for either 1 or 2 or both?


0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
sjrcpa
Level 15
6 Comments 6
sjrcpa
Level 15

50%


Ex-AllStar
hmosbergea
Level 3
Thank you!
0 Cheers
sjrcpa
Level 15
You're welcome.

Ex-AllStar
0 Cheers
DennyBriBri2
Level 2

where are meals 50% deducted in Lacerte for rental property?

0 Cheers
dkh
Level 15

In ProSeries I enter "50% Meals" on Other Expenses line

qbteachmt
Level 15

Make sure to stay current on tax law changes:

https://www.irs.gov/newsroom/treasury-irs-provide-guidance-on-tax-relief-for-deductions-for-food-or-...

 

*******************************
"Level Up" is a gaming function, not a real life function.