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06/06/2011

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donyu

Would you not have your business rent back your house space and so still get the deduction?

Tom Copeland

If the business rents the house from you the business can claim the rent as an expense. But you have to report the rent as rental income as an individual on Schedule E. However, you cannot claim house expenses as a deduction on Schedule E. See IRS Code Section 280A.

Maria

Isn't another advantage that you can be covered under workman's comp. and unemployment benefits.

Tom Copeland

Maria - Yes and no. Yes, because you could get unemployment as an employee of a corporation, but no, you can be covered by workers' compensation even if you are not incorporated. I don't think these two issues are a significant reason to incorporate.

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