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So Augusta homeowners routinely rent out their homes to Masters patrons. ... Any homeowner can use this provision to rent out their home for up to 14 days each year and pay zero taxes on that income
A bit off topic for here, but should we put rental properties into our LLC? I have several rental properties that I both own and/or carry mortgages on. I wanted to roll them into or transfer title to my LLC so that they all transactions happen with in LCC accounts to included the mortgage payments, already verified the bank I use allows transfer of title without pay in full with transfer. Ideas, guidance would be appreciated.
As covered in the video - you can't take a deduction for an amount paid to a related party, if that payment isn't reported in the receiver's income... among other issues explained in the video.
A monthly director / officer meeting for a c corporation can be considered ordinary and necessary though, yes? As long as the comps for a equal meeting space are considered. The key being its a business renting the space, regardless if your a person in said business, an employee for example. Thoughts?
No, as covered in the video - you can't take a deduction for an amount paid to a related party, if that payment isn't reported in the receiver's income... among other issues explained in the video.
