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Level 1
posted Oct 24, 2023 7:00:26 PM

Rent a house (not mine) using my LLC and reside there

I have a single-member LLC. Can I rent a house (not my property) through my LLC and also live there? In this way I can put the rent as an expense of LLC and reduce the total profits of LLC.

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1 Best answer
Level 15
Oct 24, 2023 11:05:26 PM

if you are self-employed and used a portion of the space exclusively for your business, you could take a home office deduction based on either the simplified method or square footage to total footage of the property. the LLC is disregarded entity so the personal portion of the usage would not be deductible. if you're an employee - no deduction.   

4 Replies
Level 15
Oct 24, 2023 7:11:54 PM

No.

Level 15
Oct 24, 2023 11:05:26 PM

if you are self-employed and used a portion of the space exclusively for your business, you could take a home office deduction based on either the simplified method or square footage to total footage of the property. the LLC is disregarded entity so the personal portion of the usage would not be deductible. if you're an employee - no deduction.   

Level 1
Oct 25, 2023 7:10:51 PM

What if I full-time employed, but run an online retail business as a side hustle and use portion of my home as a warehouse? 

Level 15
Oct 25, 2023 9:41:29 PM

for the self-employed business the rules apply. however, that area must be used exclusively for your S-E business. use it for employee purposes and the deduction is lost.