Can You Write Off "hours" Used During CREI?
Nearing tax time I've been going through receipts etc trying to get an idea of what Uncle Sam will squeeze me for. I've done 4 deals this year and one was a significant rehab. Can you deduct hours used in rehabbing , driving for deals, hours in speaking with clients, banks, etc? Thanks--Jim :-S
Comments(0)
Time to consult with your accountant or CPA....or who ever does your taxes. What ever answer you come up with, your going to have to explain to the CPA at how you arrived at the figures you got. Do you pay yourself in your corp?.....if so, how much do you get paid an hour? Do you have paystubs on all the hours spent?
Talk with your tax team. Pay now, or pay later.
You can be compensated for your time in terms of payroll, which is an expense, but the income would then be taxed at your normal rate, which is self-defeating.