I have a couple tax questions. A little about my situation. My spouse and I are about to pull the plug and quit our corporate jobs next year. We could afford the basics and would be able to survive. However my spouse wants to go on fancy pants vacations,live in a nice neighborhood and a own above average car.
Question 1: We both plan to work part time while retired. She wants to sell real estate and I want to be the real estate photographer and help be her assistant. We would use the proceeds of this employment to pay for extras like taking trips, an above average car and home. If I wanted the car to be a full tax deduction and we used it exclusively for work related activities is that possible?
Could we drive the car to say a beach where a real estate conference is attend a 3 day conference and spend 4 days as leisure for a total of 7 days and then drive back home. Is it legal to declare that as a business trip and deduct the miles or the car? Also 3 nights lodging would be tax deductible and the other 4 would not be correct?
Question 2: During these business trips we plan to rent our own home on Airbnb. I estimate that we will bring in upto $20k a year a doing this. I assume this will have to be considered income and will be taxed. Can i use the cost of the home to offset this tax? If so how does that work, what is deductible?
Question 3: We plan to highly utilize credit card rewards while traveling. Are these benefits taxable?
Question 4: A 7 day trip at a hotel gets me 2 free nights with my rewards card. Four of those days was for legitimate business and the other 3 were for leisure. Do i get to tax deduct all four days and keep the 2 free nights for my leisure time?
