Apr 29, 2019
In episode 151 of Financially Simple, Justin goes over the process of renting your Home for your Business.
Can you legally rent your own home, or other property, to your business and get a tax break in the process? Justin looks at what the IRS tax code says, and explains how to do it correctly.
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01:42 - Can I Really Rent My House to My Business?
02:42 - It’s Bristol, Baby!
03:52 - Business Rental
06:42 - The Business Nexus
08:05 - A Few Misunderstandings
08:07 - Deductions for Renting
09:35 - Deductions for Entertainment Facilities
10:15 - Can’t deduct Rental for a Related-Party
10:41 - Can’t Deduct Personal, Family, or Living Expenses
11:16 - Prove it’s an Ordinary and Necessary Business Expense
12:17 - The Substance Over Form Doctrine
12:57 - How to Do This Properly
14:52 - Wrap Up
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The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.