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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Licensed CPA, CFE, CMA 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?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.
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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Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 10386
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thank you for the positive rating. Please remember me the next time you have a financial question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer

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