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How to deduct 100% of business entertainment meals
Can you deduct 100% of business entertainment?
The real estate business is a people business.  You can’t sit in your office and expect to meet clients, tenants, prospects, bankers, adjusters, appraisers and investors.  You are going to be out and about and you are going to eat.  The question is “Can I deduct 100% of my meal costs?”  The simple answer is yes, if you follow the rules.  These rules are laid out in 26 CFR 1.274-2.  Don’t worry.  This article will explain it.
Business Entertainment Example
The short version says you can deduct your portion of the business entertainment meal if you have business reason to be there.  You must transact business with someone.  For example, you and Bob go to lunch and discussed the latest methods to get listings.  The tab is $30.  You pay your portion and Bob pays his.  You both deduct your amount of the lunch.  In this case, both you and Bob actively pursued future business. 
Business Entertainment Rules
Let’s look at the rules.  There are two rules associated with the example above.
1)           The expenditure was directly related to conduct your trade or business.
2)           Either preceding or following the expenditure, there was a bona fide business discussion. 
How to document ... more

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