Financially Simple

In episode 151 of Financially Simple, Justin goes over the process of renting your Home for your Business. Can you legally rent your own home, or other property, to your business and get a tax break in the process? Justin looks at what the IRS tax code says, and explains how to do it correctly. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: IRC 280A(g) - How You Could Use Your Home to Create Tax-Free Income ______________ TIME INDEX: 01:42 - Can I Really Rent My House to My Business? 02:42 - It's Bristol, Baby! 03:52 - Business Rental 06:42 - The Business Nexus 08:05 - A Few Misunderstandings 08:07 - Deductions for Renting 09:35 - Deductions for Entertainment Facilities 10:15 - Can't deduct Rental for a Related-Party 10:41 - Can't Deduct Personal, Family, or Living Expenses 11:16 - Prove it's an Ordinary and Necessary Business Expense 12:17 - The Substance Over Form Doctrine 12:57 - How to Do This Properly 14:52 - Wrap Up ____