Our small family business owns three homes. These homes are not for producing any income, meaning there is no rent involved.
Why does the business own homes that are not used for the production of income or any other business purpose? Based on the information provided (or lack thereof) there doesn't appear to be any purpose for the business to own the properties. Just because the property is owned by a business does not make it a business deduction or even a business asset for that matter.
What type of business is it? multi-member LLC? S-Corp? Partnership? Something else? Why does the business exist? (i.e.; what does the business do to produce income?)
