Travel Costs

If you have rental property in another state and you take a trip to check up on it, is the trip tax deductible? Yes it is. The cost of travel for the management or conservation of investments is deductible per the IRS. If you drive to your broker's office to go over your portfolio, that trip is also deductible. Make sure you keep up with the mileage. However going to a shareholder's meeting (except for a proxy fight) or an investment seminar is not deductible.