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Discuss what's fucking going on, and which programs are best and worst. One-time "program" announcements from "established" webmasters are allowed. |
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#1 |
Confirmed User
Join Date: Oct 2002
Posts: 6,780
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u guys with houses.. renting to yourself..? save on taxes?
im curious, you guys with houses, etc paying mortgages with your after tax income..
curious why you didnt just have your corp buy the house, furnish it, then rent it to you at a "lower rate"?? or am i missing something here?
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#2 |
Too lazy to set a custom title
Join Date: Aug 2001
Location: portland, OR
Posts: 20,684
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Long ago I worked with a guy that did that. He set up an LLC and bought a house in the companies name. He then rented the house to himself for nearly nothing. He wrote off the payments on the house and expenses of the house as business expenses. This was a long time ago and I don't remember all the details of how he had it set up, but I do remember that in the four years I worked with with him he got audited by the IRS twice and he said it happened all the time.
So if you are going to do something like this, you better make sure you have everything just right or you could get reamed. |
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#3 |
Confirmed User
Join Date: Oct 2002
Posts: 6,780
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right, cuz for example say you worked for microsoft, they could rent a house to you for $10/month, while writing the whole thing off..
so you can technically do the same thing with your corp.. im even bringing this up cuz i was talking to an old friend today and he told me he didnt pay much in taxes for 09 even though he made a shit load of money... how did he do it? well he said his corp owns his house, furnishes it, etc, and he just "rents it" at a low ass rate his corp also bought a new bmw for him. he just pays himself a reasonable fixed salary.. everything else left he just reinvests in buying other businesses,websites, etc. so he pays taxes on his little salary, and the corp takes care of pretty much everything else.
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#4 |
Too lazy to set a custom title
Join Date: Mar 2002
Location: Australia
Posts: 17,393
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Wouldn't the corp owning everything that you use in your personal life be considered a fringe benefit? Does the USA have fringe benefit tax?
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#5 |
BACON BACON BACON
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Join Date: Nov 2002
Location: Poems everybody, the laddie fancies himself a poet
Posts: 35,457
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its still taxable benefits
id consult a tax professional man...it seems like a good idea but there is probably something we are over looking |
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#6 |
Jägermeister Test Pilot
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Join Date: Dec 2001
Location: NORCAL
Posts: 73,411
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I just deduct a large portion of my house.......
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#7 |
Choice is an Illusion
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Join Date: Feb 2005
Location: Land of Obama
Posts: 42,635
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![]() Same here.
I do not know how much it is, but I was to say something like 900 sq feet of 2000 in my house is deducted on taxes. The two offices, and then half on some common areas where shoots are done. However, I leave that shit for the accountant to figure out. |
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#8 |
Confirmed User
Join Date: Oct 2002
Posts: 6,780
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yeah i know i dont even wana do this.. just saying theres some slick people who make millions and pay nothing in taxes each year.. while the good guys pay taxes.lol
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#9 |
So Fucking Banned
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Join Date: Mar 2007
Location: UK
Posts: 7,957
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Are you saying that you can get your own company to purchase the house & then as a paid employee, manager, director, producer, etc etc. The home can be rented from the business?
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#10 |
working on my tan
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Join Date: Mar 2005
Location: Florida/Kentucky
Posts: 39,151
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Technically the difference between fair market value rent and the insider deal rent would be a taxable benefit.
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#11 | |
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Join Date: Oct 2002
Posts: 6,780
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Quote:
then the corp rents it out to him for of course a low rate.. then any rent he pays is considered income to the corp.. but of course its tough to even show a profit because the corp is down $500k on the house they bought, but only collected like $10k in rent for the year.
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#12 |
<&(©¿©)&>
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Join Date: Jul 2002
Location: Chicago
Posts: 47,882
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loop holes like that are great till you get audited...
![]() if you have multiple employees/partners/investors/etc corporation there is a possibility of it working, you could come up with a decent argument why it's a legit deduction, but one person corporation isn't going to work, the auditors are not idiots, they know all the tricks in the book... ![]()
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#13 |
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Join Date: Jun 2009
Location: Asheville, NC
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That was my understanding as well.
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#14 | |
She is ugly, bad luck.
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Join Date: Jan 2010
Posts: 13,177
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Quote:
Using things that look like nice loopholes are fine as long as you set it all up properly and pay the tax on any benefit gained from not paying a full market rate for the rent. Get decent advice first (and not off of some twat down the pub) or HMRC are going to come round and start shoving pineapples up your arse. |
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#15 |
making it rain
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Location: seattle
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#16 |
Mainstream Businessman
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Join Date: Jan 2007
Location: San Diego
Posts: 9,291
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If the IRS thinks you're fucking them out of money, they WILL fuck you back (Miguel in Dexter reference, hehe). Even if it's a legal loophole or whatnot, they'll find a way to fuck you back, even if it's simply through audits and making your life a living hell. So it's no wonder your friend was audited 2 times in 4 years, lol.
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#17 |
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Join Date: Feb 2005
Location: SD/OC/LA
Posts: 1,917
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like others I claim a certain sq footage is for one of my businesses. good tax guy is essential.
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#18 | ||
So Fucking Banned
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Join Date: Mar 2007
Location: UK
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Quote:
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#19 |
So Fucking Banned
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#20 |
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if you have a sole proprietorship LLC it falls under your personal taxes when you file anyways. I think you might have an option to file separate but not necessary.
my friend who is an accountant says that many people wright off all kind of shit and usually get away with it...but if you get audited you'll be paying it all back with interest and penalties. |
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#21 |
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Join Date: Aug 2006
Location: Poland
Posts: 9,228
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As is my understanding, when doing deductions on your house in most countries youc an do your office, a bathroom and a kitchen.
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#22 |
So Fucking Banned
Join Date: Aug 2008
Location: Just Blow Me
Posts: 10,551
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see my sig
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#23 | |
working on my tan
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Join Date: Mar 2005
Location: Florida/Kentucky
Posts: 39,151
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Quote:
IRS regs state ... "Generally, in order to claim a business deduction for your home, you must use part of your home exclusively and regularly" If the bathroom is enterable only from the office maybe. The kitchen, no way. . |
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#24 |
Too lazy to set a custom title
Join Date: Mar 2002
Location: Australia
Posts: 17,393
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Same in AU, you can claim a deduction on home office expenses but only for the room(s) dedicated to the business.
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