I own a rental property in Florida, and am thinking of buying another. It's about a day's drive from where I live. I am thinking of driving down in August to look at properties to buy. I would drive down with my wife, not necessarily making the trip 100% to look at property, probably doing some shopping along the way (she loves outlet malls).
Do I correctly assume that the costs of driving (rental car and gas), lodging, and meals (subject to 50% limit) would be deductible to the extent that the trip is for shopping for an investment property. For example, if we could get down and back in 3 days (a day down, a day to look at property, a day back) and we take 4 days because we do some shopping, the expenses for 3 days would be deductible but not the fourth?
The trip will have a legitimate business purpose. I plan to have financing arranged, my objective is to buy a second unit in the same complex I already own one in and I expect to look at all the units there that are available to be shown, and while the unexpected can happen, I will probably only go if I expect to make purchase offers on one or more units, although I may well make "low-ball" offers, not absurd ones, but aggressive.
I know that, for example, you can't go to Hawaii for a week, spend an afternoon looking at houses, and call it a "business trip." But under the circumstances described, could I deduct the expenses indicated?