In past issues of the Tax Reduction Letter, I’ve explained how you can rent your personal residence to your S or C corporation for fourteen days or less.
Why would you want to do that?
Because, as I’ve said, if you handle the transaction properly, you can get a tremendous double tax benefit…
- Your S corporation deducts the rent it paid you and then flows that lovely tax deduction to you on the K-1.
- You get the rental income from your corporation tax free!
Does this sound too good to be true? Well, it is true, but you have to know how to play by the rules in order to take advantage of the tax law.
Have questions? I’m not surprised. The IRS rules are tricky and you need straight answers.
That’s where the Tax Reduction Letter comes in.
You see, I’ve anticipated six common questions you may have and answered them in easy to understand language.
If you want to take advantage of the valuable twin benefits that Uncle Sam has to offer, take my advice (literally!) and…