Do you rent buildings or equipment to your business?
Then be careful. Very careful. You see, in all probability you likely face the self-rental rules.
If you’re not sure what these rules mean to your business, now’s the time to find out. How you organize your rentals can have huge tax implications. You’ll get complete information when you read my new article titled Tax Tips: Tax Deductions Lost in Owner’s Equipment Rentals to His Corporation.
Three ways our fact-filled article can help you:
- We’ll explain the tricky “self-rental” rules in language you can understand. The IRS self-rental rules state that when you rent property to your own business, the rental profit is not treated as passive activity income. Which means it can’t be used to offset passive-activity losses. Sound complicated? It is, but we’ll explain everything clearly when you read the full article.
- We’ll tell you about the sad case of Joseph Veriha. The punch line is that Mr. Veriha had to pay $258,785 in extra income taxes because he got the self-rental and passive-loss rules wrong. Don’t let this kind of disaster happen to you. Get the whole story when you read the full article.
- We’ll tell you how to avoid expensive problems the easy way. Had Mr. Veriha known the techniques that we outline in our new article, he could have saved himself a ton of money and a lot of headaches. We’ll share these techniques with you when you read the full article.