What is the name of your state? California, but reside overseas most of the time.
My husband and I are overseas missionaries, which means we must file taxes as small business owners. We want to buy property for use as a personal residence overseas and also for business use. We do not have a non-profit organization status for tax purposes.
What are the tax implications of buying the property in our name? How much of the property price would be deductible on our taxes?
Also, we would receive the money to purchase the property as one or more gifts or loans from friends, then would immediately use that money to buy the property. What are the tax ramifications of this? Would the gifts be fully deductible since we bought the property for the business with that money?
Or should we buy the property under a separate entity's name (if possible)?
Are there special tax considerations since we are living on the property and are living overseas for business purposes?