Discussion:Builder-Owned/Residing in Model Home
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Discussion Forum Index --> Basic Tax Questions --> Builder-Owned/Residing in Model Home
Discussion Forum Index --> Tax Questions --> Builder-Owned/Residing in Model Home
| 15 June 2009 | |
| Are there any tax deductible costs associated with a builder-owned home, which the builder resides in, and uses as his model home? My client uses his home as his model, and I just want to make sure that we are taking advantage of any potential deductions. Haven't seen this before and want to make sure I handle this properly. Thanks. | |
| 15 June 2009 | |
| S-corp. At this point I've put all the costs against his shareholder loan - he's loaned hundreds of thousands of dollars to the company - and his mortgage was for $280k more than the cost to purchase the home (the bank made him buy one of the units in the development). So he is using that $ to put all the bells and whistles into his home to show what can be done. I know that he will ask me about this, why it's all going against his loan and why some of the cost can't be deductible because it is being used as a model. I'm trying to get all my ducks in a row before I talk to him and discuss with him the affects of the transactions on his shareholder loan account. | |
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