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QUESTION DETAIL
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Can I deduct my travel expenses for exploring a business opportunity related to our business?
ANSWER
The BIDaWIZ Team's Answer:
Generally, these expenses would not be a deductible expenses. If your client is traveling to explore an investment opportunity, the expenses associated thereof is not deductible, but rather added to the basis of the investment, should you move forward with it.
References: IRC Section 162
State: Florida
