Does any own the house they live in under their business and rent to yourself??
If so what re the pros and cons?
You generally cannot convert personal, non-deductible expenses into deductible expenses by renting your personal residence to yourself... IRC Sec 262.
@Eamonn McElroy thank you, I heard about it on a podcast sometime back and was thinking it didn’t sound right.
It would make no sense....
You now have to report rent income.
You’d lose your 121 exclusion.
You’d lose your homestead property tax exemption.
You hear a lot of goofy stuff in podcasts.