Living In A "Business" House
I posted this on another board but here goes
Is there any way we can take a house "subject to" and have a partial or full payment made by the company, if the president of the company lives in the house? Does it need to be a S corp or can it be an llc? What needs to be do to make this happen?
Thanks
Sire[ Edited by sire on Date 01/13/2004 ]
if you live in the house or not the interest is deductible.
As a business activly engaged in the efforts of buying and selling the interest is a deduction of your business
if you live in your house you can deduct the interest off of your personal income tax.
clarify your question if this does not answer it.
[addsig]
Let me clearify:
I want to live in one of our Subject to homes at a discount rate. I pay less the business loses money very much a pro for all.
Payment is $1,200 month
I pay $600
The business credits us the other $600
or $1,200 payment
I pay $600
president of business get a housing credit for $600
Is any of this posible or how can we make it posible.
Thanks
Sire
You can deduct 100% of the expenses as far as I know but this gay WhelerDealer sounds like a very knowledgeable man and will probably explain the precise details little better for you.
I also wanted to ask you WD, how much you can deduct from your truck payment if you drive your construction workers from the job site to the job site ad in the way to the second job site you stop home for lunch or to check your messages? I have an answering machine and have to check it every 4 hours because I have 2 3bdr/2bth vacancies. I also wanted to ask you if the size of the bedrooms meter when you do the remodeling?
Thank you~ [ Edited by EUREO on Date 01/14/2004 ]