OK, so professionals will just form a corporation, have it buy a house, and rent it to themselves. All mortgage interest, maintenance, etc will be business expenses.
“OK, so professionals will just form a corporation, have it buy a house, and rent it to themselves. All mortgage interest, maintenance, etc will be business expenses.”
We plan on doing exactly that when we start farming full time. ;)
OK, so professionals will just form a corporation, have it buy a house, and rent it to themselves. All mortgage interest, maintenance, etc will be business expenses.
And the corporation breaks even as the rent income offsets the mortgage and other expenses.
It should be repealed, with a long phase out that does not disrupt markets. Perhaps a declining amount that’s deductible each year, with a 15 year transition to zero.