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Business & farm
You can't rent property from yourself and that's what you'd be doing if you're a sole proprietor or a single member LLC. The usual way to handle this would be to set up something like an S Corp for the business and then rent the property to the S Corp. The self rental rules would come into play then but that states that the rental income is non passive instead of passive.
‎June 1, 2021
6:45 PM