Renting a property to yourself

[Amyjo1]

What is the name of your state? FL

I am an sole proprietor with a consulting practice. I am bidding on a large contract that will require me and subcontractors/collegues to spend a total of 3 weeks/month in Oregon. This will be ongoing for atleast a year.

Because of the slow real estate market (and just for general comfort) my husband and I would like to buy a condo in the area we are going to be working in. How do we account for the mortgage/expenses if we are buying this as a personal investment and using it for business purposes. Can we "rent" it to my business?

 

[seniorjudge]

Invest in the services of an excellent tax CPA; you have good questions.

Get the right answers.

 

[oldman9]

Can we "rent" it to my business?

Yes, IF:

1) the property is owned by an LLC owned by you, AND
2) you don't operate as a sole proprietor.

If the above are met, then you can "rent it back to yourself," so to speak.