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Q: Legal: Tax write off for small LLC ( No Answer,   2 Comments )
Question  
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)
Answer  
There is no answer at this time.

Comments  
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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