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420chan is Getting Overhauled - Changelog/Bug Report/Request Thread (Updated July 26)

Being your own landlord

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- Tue, 30 Apr 2019 19:12:36 EST jJez1nsz No.46379
File: 1556665956173.png -(149652B / 146.14KB, 500x500) Thumbnail displayed, click image for full size. Being your own landlord
I've seen multiple people do trick to get double tax deductions for basic homeowner expenses:
1. Turn your own home into an LLC that you control.
2. Pay rent to this LLC
3. Het some tax deductions for being a renter.
4. Pay all home-ownership expenses out of the LLCs account
5. Deduct all expenses as business expenses.

I've only ever seen this done in the context of two friends buying a home together but I don't see how this wouldn't work as a single homeowner. Assuming you've hired an accountant to make sure all your paperwork is in order, is it really legal? Or is it just something the IRS won't bother to fuck with? My concern is the LLC doesn't qualify as a valid business since there is no real profit motive.
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Lillian Nundermadge - Mon, 06 May 2019 22:52:57 EST oFRoMKbS No.46384 Reply
>>46379
First of all do you own your house free and clear? Selling your home to an LLC will absolutely trigger an acceleration clause and make the entire balance immediately due.

If that’s not enough of a reason why what you’re proposing is a bad idea I can go through more. It’s mostly state and local problems though. The IRS doesn’t care as long as you’re charging yourself market rent.

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