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Subject:
Legal: Tax write off for small LLC
Category: Business and Money > Small Businesses Asked by: thewanderer-ga List Price: $10.00 |
Posted:
30 Aug 2004 07:14 PDT
Expires: 29 Sep 2004 07:14 PDT Question ID: 394519 |
How do i establish my NY registered LLC as an office in NH so that I can use a room in my apartment as a tax write-off? (I want the business to remain registered in NY, just want my office space in my apartment to be tax deductable...the rent...I know this gets tricky) |
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There is no answer at this time. |
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Subject:
Re: Legal: Tax write off for small LLC
From: respree-ga on 30 Aug 2004 22:20 PDT |
I'm not a tax expert, but I don't think you can get tax deduction when all is said and done. If your LLC rents the room from you personally, the company picks up a deduction as a business expense. Unfortunately, you personally have to pick it up as rental income. So you have a deduction on the business side and earnings on the personal side. Since the LLC net earnings flows through your personal return on the K-1, the net efffect on your personal income tax return is zero. |
Subject:
Re: Legal: Tax write off for small LLC
From: respree-ga on 30 Aug 2004 22:22 PDT |
By the way, the above comment assumes you are renting this apartment. |
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