Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places? I would like to deduct all of the costs (rent, transportation to and from, meals, etc.). Explain to me about Facts Issue Analysis Conclusion??

Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places? I would like to deduct all of the costs (rent, transportation to and from, meals, etc.). Explain to me about Facts Issue Analysis Conclusion??

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 79TPC

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Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places? I would like to deduct all of the costs (rent, transportation to and from, meals, etc.). What IRS Code sections, Treasury Regulations, or Court cases would you refer to? What additional information would you need to determine if or what extent these costs could be deducted?
Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. I rent a small office for my Indianapolis location. However, I will initially run the Sarasota business from the condo. I'm not sure I would call it an "office" though. I have a good handle on the regular business expenses. I really just need help with travel expenses (hotel and meals) and duplicate personal expenses. I will incur (rent, utilities, renter's insurance) as a result of running the business in two locations. I have planning to appoint employees for my business in Sarasota. Of course, I would be in Florida when the weather is bad here. We will live in each location for 6 months. We will be in Sarasota from October through March and in Indianapolis from April through September. We will not sublet either…
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