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Renting Rooms in a house but I am moving back in
J
John M
started a topic
over 4 years ago
I'm renting out the individual bedrooms to college students in a house I have in nearby town. I've set up an LLC for legal protection and I claim as business expenses things like mortgage interest, utilities, repairs, property taxes, lawn care, etc. First Question: Am I doing my taxes right? Can I really claim as business expenses all those things even if the mortgage, all utilities and the deed are still in my name and not in the name of the business? (I lived there eight of the ten years I've owned it.) Second Question: Due to changes in my life, I'll be moving into one of the bedrooms. Is it possible that I just make myself a renter, pay rent to my own company, and continue to claim as business expenses the full list of things I could if I wasn't living in it? I know I could just instead claim a portion of these things as expenses, but it would make the paperwork so much easier if I just made myself a renter. Then I wouldn't have to claim only portions of these expenses, but could claim all of them. Finally, it is possible that I don't understand federal landlord tax laws at all, so please educate me on this matter.
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