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garage rental
I started my own business making furniture out of my garage. Can I charge rent and utilities to myself?
Asked on June 2, 2009 under Business Law, Indiana
Answers:
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
This question is one you would be most benefited by consulting a tax attorney who specializes in home business. There are many specific issues that need to be addressed such as who owns the home, how taxes are filed, if the business is incorporated etc.
Although you may be able to charge rent depending on certain specifics which you would need to review with an attorney you also can reap numerous tax benefits come time to file based on having a home office.
You should investigate both the option to pay rent as opposed to the tax benefits see if one is better than the other and if one or the other conflicts to ensure you are proceedings legally. Unfortunately without more information I cannot give a definite yes or no answer as to how best to proceed
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