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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Box-By-The-Riviera™ who wrote (527)1/29/1998 5:33:00 PM
From: Peter Singleton  Read Replies (1) of 5810
 
Joel,

Here's a little more detail. Publications 529 Miscellaneous Deductions and 550 (?) on Investment income were unclear ... other than specifying trips to annual meetings were not deductible.

Lasser's 1998 tax book, page 363, section 19.24 Checklist of Deductible Investment Expenses has as a bullet point:

"Travel costs of trip away from home to look after investments, or to confer with your attorney, accountant, trustee, or investment counsel about the production of income."

Ok, here's my situation. I'm a fulltime investor. I invest in a small number of companies (mostly biotech), and research them exhaustively. I visit with management of the companies several times a year. I try to combine those visits with shareholder meetings, but in each case, I meet with management at other portfolio companies.

I have considered the reasonable expenses associated with these trips as miscellaneous deductions. Any opinion?

Peter
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