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Updated over 3 years ago on . Most recent reply
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Want buy a house and rent for my company. How to approach this?
So I own a company (S-corp LLC) that works around Florida,
I have some employees staying in Sarasota in working there some weekends a week, instead of every time paying for hotels and AIRBNB for them, I would like to buy a house (under another LLC that I opened) and make a contract between my two LLC's to rent this unit - paying myself instead random hotels and Airbnb's - So they can stay there. It will be cheaper for the company - and I will take extra profit and not a random landlord or hotel owner.
It's important to say that I already own a house which I am living in.
Now here are the questions part:
What is the really best way to do it tax-wise? Does this idea make any sense at all? Because I know the company paying that money anyway. the question is - to who? (It will rather be me)
Should I buy the house under my name and then transfer it to the LLC later? Or should I buy it from the LLC directly?
I have no clue about the process.
I will be happy to learn some from people's experiences.
Thanks!