Can My Business Deduct Rent Paid to My Investment Property?

[Joe Kamenar]

My wife and I are purchasing a condo with garage storage in an NJ shore town. The main purpose will be for vacation rentals. I also have a start-up business that will require storage space for business inventory in the same town. Can my business pay us fair market value rent for the storage, and thus let me deduct the rent from any business income? Of course, we would include the rent that my business pays as rental income.