hmosbergea
Level 3
‎12-07-2019 09:29 AM

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
sjrcpa
Level 15
‎12-07-2019 09:29 AM

50%


The more I know the more I don’t know.

View solution in original post

hmosbergea
Level 3
‎12-07-2019 09:29 AM
Thank you!
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sjrcpa
Level 15
‎12-07-2019 09:29 AM
You're welcome.

The more I know the more I don’t know.
0 Cheers
DennyBriBri2
Level 2
‎05-26-2021 11:33 AM

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

0 Cheers
dkh
Level 15
‎05-26-2021 11:57 AM

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

qbteachmt
Level 15
‎05-26-2021 12:18 PM

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-...

 

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