Renting primary residence to yourself

[Dazrell Fleming]

So I have a thought. My primary residence can I put in my business name and rent it to myself? This would be a huge tax advantage. Daz

[Jeff Bridges]

Originally posted by @Dazrell Fleming:

@Edward B. thanks for the input I didn’t think of that. I’m incorporated so the C-Corp wouldn’t apply. I just figured since my other two units are rented out but I run the finances thru my business I could do the same for my primary residence. But now I’m guessing since my other rentals are in my name I may need to transfer those. 

Unit 1 I’ve been trying to figure out how to pull the equity out of the house. I owe 207k and it’s worth 305k.  So if I sell it to the business would I be able to potentially cash out?

Unit 2 is a new purchase that I paid cash for. I plan to refi cash out once the home is seasoned. I’m wondering could I sale it to the business?

Daz

 read this below and see if it helps:

https://www.biggerpockets.com/forums/61/topics/329...

also, you lose the mortgage interest deduction on your primary, and lose access to conventional financing and insurance and will have to convert to commercial rates which are higher for both. everything you sell to an LLC, this means higher commercial rates, which raise your expenses, not lower....