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
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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