So you saw online about the \ud835\udc00\ud835\udc2e\ud835\udc20\ud835\udc2e\ud835\udc2c\ud835\udc2d\ud835\udc1a \ud835\udc2b\ud835\udc2e\ud835\udc25\ud835\udc1e? (e.g., renting your home to your business and taking it as a business deduction but without paying tax on the rental income). Remember this:<\/p>\n
– You’re limited to 14 days of tax-free rental income… if your business rents your home for 15 \ud835\udc1d\ud835\udc1a\ud835\udc32\ud835\udc2c \ud835\udc28\ud835\udc2b \ud835\udc26\ud835\udc28\ud835\udc2b\ud835\udc1e, \ud835\udc00\ud835\udc0b\ud835\udc0b \ud835\udc28\ud835\udc1f \ud835\udc2d\ud835\udc21\ud835\udc1e \ud835\udc2b\ud835\udc1e\ud835\udc27\ud835\udc2d\ud835\udc1a\ud835\udc25 \ud835\udc22\ud835\udc27\ud835\udc1c\ud835\udc28\ud835\udc26\ud835\udc1e \ud835\udc22\ud835\udc2c \ud835\udc2d\ud835\udc1a\ud835\udc31\ud835\udc1a\ud835\udc1b\ud835\udc25\ud835\udc1e!<\/p>\n
– The space rented has to actually be used as a personal residence, but it \ud835\udc1d\ud835\udc28\ud835\udc1e\ud835\udc2c\ud835\udc27’\ud835\udc2d \ud835\udc21\ud835\udc1a\ud835\udc2f\ud835\udc1e \ud835\udc2d\ud835\udc28 \ud835\udc1b\ud835\udc1e \ud835\udc1a \ud835\udc21\ud835\udc28\ud835\udc2e\ud835\udc2c\ud835\udc1e \ud835\udc1a\ud835\udc27\ud835\udc1d \ud835\udc1d\ud835\udc28\ud835\udc1e\ud835\udc2c\ud835\udc27’\ud835\udc2d \ud835\udc21\ud835\udc1a\ud835\udc2f\ud835\udc1e \ud835\udc2d\ud835\udc28 \ud835\udc1b\ud835\udc1e \ud835\udc32\ud835\udc28\ud835\udc2e\ud835\udc2b \ud835\udc29\ud835\udc2b\ud835\udc22\ud835\udc26\ud835\udc1a\ud835\udc2b\ud835\udc32 \ud835\udc2b\ud835\udc1e\ud835\udc2c\ud835\udc22\ud835\udc1d\ud835\udc1e\ud835\udc27\ud835\udc1c\ud835\udc1e. Apartments, condos, mobile homes, and even boats can qualify as long as they are your primary residence, second home, or vacation home.<\/p>\n
– In determining fair market value, \ud835\udc1c\ud835\udc28\ud835\udc27\ud835\udc2c\ud835\udc22\ud835\udc1d\ud835\udc1e\ud835\udc2b \ud835\udc1b\ud835\udc28\ud835\udc2d\ud835\udc21 \ud835\udc2b\ud835\udc1e\ud835\udc27\ud835\udc2d \ud835\udc1f\ud835\udc2b\ud835\udc28\ud835\udc26 \ud835\udc2c\ud835\udc22\ud835\udc26\ud835\udc22\ud835\udc25\ud835\udc1a\ud835\udc2b \ud835\udc29\ud835\udc2b\ud835\udc28\ud835\udc29\ud835\udc1e\ud835\udc2b\ud835\udc2d\ud835\udc22\ud835\udc1e\ud835\udc2c \ud835\udc1a\ud835\udc2c \ud835\udc30\ud835\udc1e\ud835\udc25\ud835\udc25 \ud835\udc1a\ud835\udc2c \ud835\udc28\ud835\udc2d\ud835\udc21\ud835\udc1e\ud835\udc2b \ud835\udc1c\ud835\udc28\ud835\udc2c\ud835\udc2d\ud835\udc2c such as catering, conference room, projector \/ IT, Internet, cleaning, repairs, etc.<\/p>\n
– \ud835\udc0a\ud835\udc1e\ud835\udc1e\ud835\udc29 \ud835\udc1a\ud835\udc27 \ud835\udc22\ud835\udc2d\ud835\udc22\ud835\udc27\ud835\udc1e\ud835\udc2b\ud835\udc1a\ud835\udc2b\ud835\udc32 \ud835\udc2d\ud835\udc28 \ud835\udc1d\ud835\udc28\ud835\udc1c\ud835\udc2e\ud835\udc26\ud835\udc1e\ud835\udc27\ud835\udc2d \ud835\udc2d\ud835\udc21\ud835\udc1e \ud835\udc1b\ud835\udc2e\ud835\udc2c\ud835\udc22\ud835\udc27\ud835\udc1e\ud835\udc2c\ud835\udc2c \ud835\udc2e\ud835\udc2c\ud835\udc1e \ud835\udc28\ud835\udc1f \ud835\udc2d\ud835\udc21\ud835\udc1e \ud835\udc21\ud835\udc28\ud835\udc26\ud835\udc1e… purpose of the meeting, attendees, what was discussed, what was resolved, time spent on premises, pictures, etc. The more you substantiate, the better.<\/p>\n
– As long as you’ve followed the rules, the rental income is not taxable to you… however, the business is still required to issue a 1099 to you, which means \ud835\udc32\ud835\udc28\ud835\udc2e \ud835\udc27\ud835\udc1e\ud835\udc1e\ud835\udc1d \ud835\udc2d\ud835\udc28 \ud835\udc2b\ud835\udc1e\ud835\udc29\ud835\udc28\ud835\udc2b\ud835\udc2d \ud835\udc22\ud835\udc2d \ud835\udc2d\ud835\udc21\ud835\udc1e\ud835\udc27 \ud835\udc1e\ud835\udc31\ud835\udc1c\ud835\udc25\ud835\udc2e\ud835\udc1d\ud835\udc1e \ud835\udc22\ud835\udc2d.
\nFor more great insight like this, give us a call at (402) 932-8815 and schedule a tax planning appointment!<\/p>\n
Sincerely,
\nW.E. Stevens PC<\/p>\n","protected":false},"excerpt":{"rendered":"
So you saw online about the \ud835\udc00\ud835\udc2e\ud835\udc20\ud835\udc2e\ud835\udc2c\ud835\udc2d\ud835\udc1a \ud835\udc2b\ud835\udc2e\ud835\udc25\ud835\udc1e? (e.g., renting your home to your business and taking it as a business deduction but without paying tax on the rental income). Remember this: – You’re limited to 14 days<\/p>\n","protected":false},"author":2,"featured_media":620,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[10,13],"tags":[5,22,24,23,17,16,4],"_links":{"self":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/619"}],"collection":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/comments?post=619"}],"version-history":[{"count":2,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/619\/revisions"}],"predecessor-version":[{"id":622,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/619\/revisions\/622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media\/620"}],"wp:attachment":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media?parent=619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/categories?post=619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/tags?post=619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}