allmark
Participating member
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I also pay myself rent monthly for keeping my equipment on my property.
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I like that idea!
Why not? It makes sense.
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My accountant said that this can possibly throw up a red flag for being audited, not sure about that. I rent a little shop space, so I don't know if it would ever really be noticed.
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I also rent the shop to myself. It has to be of fair value or it will be a problem. It all depends on your situation. As long as you declare the rent as income in the proper spot you should be fine.
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I also pay myself rent monthly for keeping my equipment on my property.
[/ QUOTE ]
I like that idea!
Why not? It makes sense.
[/ QUOTE ]
My accountant said that this can possibly throw up a red flag for being audited, not sure about that. I rent a little shop space, so I don't know if it would ever really be noticed.
[/ QUOTE ]
I also rent the shop to myself. It has to be of fair value or it will be a problem. It all depends on your situation. As long as you declare the rent as income in the proper spot you should be fine.
