Greetings Mark and Matt
I have learned so much from your podcasts and Real Estate Tax Summit
I have rental property LLC with partners (children and spouse) and a couple rentals in LLC, manager managed owned by my Trust.
I am also a real estate professional as managing these is my full time work.
You have mentioned the GSA per diem option on previous shows. Can you please clarify the following:
1). If I chose to use GSA per diem rates I do NOT need to provide any receipts for lodging, food and incidentals; therefore if I am missing receipts; but, I tracked my travel dates this is a good alternative.
2). The per diem does NOT include travel (airfare or mileage)
- If my spouse and children are partners in my LLC for rentals do we EACH get the per diem amount if we all travel to the properties?
4). Lastly, is there a difference in the end result on my taxes?
For example in 2023 hotels will be 100% deductible and dinning will be 50% deductible. If I use per diem is it 100% deductible or some different amount?
Thank you!
Sharyl