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Updated over 7 years ago on . Most recent reply

User Stats

7
Posts
0
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Andrew Coffey
  • Saint Charles, MO
0
Votes |
7
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If the house is in my name, and I am unmarried, can I 'rent' it.

Andrew Coffey
  • Saint Charles, MO
Posted

I started up an LLC a few months back, planning on building up a portfolio of rental properties over time, and I was wondering, could I write my home off in taxes (For business expenses) if my fiance lives with me, 'paying rent' (Both our incomes go to the same bank) and is there a way for her to lessen her tax burden by saying she is paying a certain amount each month to me as a 'land lord'?

I know this would be essentially double-taxing ourselves by taxing her income a second time as my business income, but is there a way to write off enough taxes to cover the difference, if that makes sense?

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