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URL:  http://boards.fool.com/if-you-claimed-the-expenses-of-looking-for-a-18142305.aspx

Subject:  Re: Investment property hunting expenses Date:  11/12/2002  7:14 PM
Author:  Crosenfield Number:  62014 of 121172

If you claimed the expenses of looking for a property you intended to buy but did not, it would be a miscellaneous deduction on Schedule A, and subject to the amount that exceeds 2% of your AGI.
Assuming you have investment income of some sort or another that would be more than the deduction, I don't see much difference between deducting the Wall Street Journal which you intend to read every day looking for stocks to buy and sell but usually don't, and considering buying property but deciding, after due consideration, not to go through with a deal.
Of course, if your looking for property means trips to Vail, Lake Tahoe, etc. and you stay in nice hotels for a week each time, but don't buy anything, I suspect the deduction would not stand up to an audit!
Best wishes, Chris
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