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The Justin Goodbread Show


Welcome to The Justin Goodbread Show, your ultimate source of inspiration, encouragement, and education for today's thriving business leaders. Join us as we embark on a journey to empower and uplift successful business owners like you. Get ready to uncover the insights, strategies, and stories that will propel you to even greater heights in the world of entrepreneurship. So, stay tuned, because on The Justin Goodbread Show, success is just a conversation away! While all the insights shared are for educational purposes, remember to seek advice from a professional regarding your unique circumstances. The Justin Goodbread show is a Financially Simple production.

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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ARTICLE TRANSCRIPT:

BLOG: IRC 280A(g) - How You Could Use Your Home to Create Tax-Free Income

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TIME INDEX:

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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USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

IRS Private Letter Ruling

US Tax Code 280A

Renting to an S Corp.

Case Study: Filming Commercials at Home

Home Business Meetings

CPA On Fire: Rent Your Home to Your Business

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BIO:

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.

DISCLOSURES:
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

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