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Updated over 7 years ago on .
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Could this be possible under the new tax plan ?
#2 Contractors Contributor
- Severna Park, MD
I havent had time to digest the new tax plan . But concerning the 10,000 dollar limit on property taxes and state taxes .
If I lived in a expensive house , and the property taxes were $30K a year . Could I move the house to an LLC , and rent it to myself . And charge a low rent and claim a loss and since its a business entity then deduct the taxes ?
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
One more time you bring Grant Cardone's name into a conversation about taxes - we're no longer friends. :) He has no clue about taxes.
You cannot just rent an office in your own home from yourself. And in order to deduct home office (which is not the same as renting), you must have a profitable business.
Even when these home-based business ideas are implemented properly, they would not solve @Matthew Paul's problem of trying to defeat the new $10k limitation on property taxes.