Can You Rent Your House to Yourself? [Tax Smart Daily 032]

Today, let's talk about why you can't rent your property to yourself and the various tax issues that you will face if you had the ability to do so.
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Let's connect:

[NCWSMFP]

OK how about this for economic substance question.... I work out of town 6+ months/year. My LLC buys the house from myself, renovates, and rents at short term rental when my nomad occupation takes me out of town and rents it to me when I live there. The LLC already exists, I already have records of being out of town of having to pay out of town expenses + at home mortgage. I'm not trying to setup to pay less taxes, to actually make more money, and consequentially pay more taxes while not letting my property sit vacant for months at a time.

[tylertennessen]

Brandon, I'm interested in becoming a Tax Strategist but don't know where to start. Any insight on this topic would be appreciated, thanks 👍

[Lauryn]

Now here's a question. My husband buys a house in his name. I live there and operate my business there. Can my business pay rent ?

[angelflores]

Plan to start an Rv park under and LLC on the land I own. So my business can’t lease the property?

[_redrum_x]

What if you own the company that owns the property

[karlk]

I hate how everything is presented across the board. If the property is under 750k, is your primary residence, and you dont put yourself in a 30 lease. You qualify.

[lukethelaundryguy]

but can you rent commercial property to yourself? say for example your operations LLC leases space that your Holding LLC owns?

[mntrs]

Hi i just watched your video very good video . My question is i bought my house few months a go as my primary residence so my down payment was 3.5 % and i have to live here for a year . The question is im renting 2 rooms from this house . Can this money every month count as income and can i fill schedule e next tax season???

[ericreskin]

Hey Brandon, thank you for all you do! So I understand how Airbnb rentals can be reported on schedule E as long as you’re not performing substantial services, but what about Airbnb arbitrage? Where you don’t own the property, you rent from the owner and re rent on Airbnb? Would that be scheduled c subject to SE tax

[jhfaleafine]

I work from home...
Can I rent a room in my house to my business entity? Charge market value for the room/office space like I would to anyone else?

[geoffreyschuchardt]

But the tax benefit is buying the property beforeee your earnings are taxed… so you save on those taxes

[thealohamu]

Whst about tiny homes on wheels. If you rent land and yoi can easiky evict yourself as you dont require that land to have your home. I coukd move my tiny home to a cheaper land and then rent out the land for other use. Renting to yourself reakky shouldn't be a problem if you cannot double dip. You cant get primary resident low interest rate on loans and be a rental. Airbnb and tiny homes on wheels has made this much messier than it use to be. I would want to llc my orimary if i rented out rooms either long-term or short-term. It would be smartest thing i could do. I should pay a higher tax and not get lower loan interest rates. It is a business and should be seen as so. Of example people who rent out the rooms of their rental and they end up not paying rent at all. That is a business just you are subleasing your rental. It seems it is the same.

[Hood.Housekeeping]

Yes you would evict yourself wtf. On the flip side why the duck would you not pay yourself. That’s dishonest and cheap.

[ballz]

I work for a fortune 500 company, they own the building, but we pay rent essentially to our own company...?
I'm a mechanic, I just caught wind of this cuzim good friends with the GM and I also have a maintenance budget... How could this be?..