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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MN individual own LLC and house and stable income from other

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MN individual own LLC and house and stable income from other than that LLC, seeking tax advice

I have a two-member LLC, and own a house of my own with no mortgage. I heard an advice that there s a way to report taxes making full use of federal/state allowed deductible items by "renting house to own company" stuff like that, any suggestion on the legality and feasibility of this advice?
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

I would not advise someone to rent their primary residence to themselves and deduct the expense as a business expense. This is not legal. You can, however, rent from yourself for actual business expenses - but disguising personal expenses as business expenses will get you in hot water with the IRS

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