Logistically this is not a problem but keep in mind that it will be a long day (5.00am departure Cusco / 9.00pm arrival). A one day trip also limits your chances on climbing Huayna Picchu as this can only be done in the morning. This is why a two day trip is recommended if time allows.
Peru Rail as well as the other train company Inca Rail more or less manage the same luggage limitations. Officially this is for 5kg (12lbs) per person in a small hand luggage kind of bag. This is not imposed too strictly but as storage space on the trains is limited it is best to try to respect the norm as much as possible.
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Most people coming from abroad visiting Machu Picchu have to arrive to Lima first. Lima is Peru’s capital and the main international airport. Peru is a large country so from Lima one has to travel to Cusco (1.5hrs flying or 24hrs bussing) and from here set course for Machu Picchu. From Cusco it is another 100km which can be done with a combination of cars and trains. To travel from Lima to Machu Picchu one should foresee a full day of traveling.
Bus tickets to Machu Picchu can be purchased online (http://consettur.com/reservas/) or at the Consettur offices in Cusco or Aguas Calientes. The ones in Aguas Calientes are located just around the corner from the bus stop and prices are the same whether you purchase online or in person. For foreign visitors the price is US$24 for the return ticket.
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Machu Picchu is located in the Cusco region in South Peru Cusco is the closest airport and is located at about 100km from Machu Picchu In order to travel from Cusco to Machu Picchu one will pass through the Sacred Valley Machu Picchu can be visited in two ways; by train or on foot For the train there are three stations, 2 companies with three levels of trains Hiking to Machu Picchu can be done via the original 4 or 1 day Inca Trails or the 5 day Salkantay Trail Visiting Machu Picchu, unless you are lucky enough to live in Peru, takes some time and effort but the rewards are undeniably unique and breathtaking.