For Business Meetings Under the Augusta Rule, Can I Use Personal Furniture?

https://www.youtube.com/watch?v=s5fCc1SVCCA

Question: Under the Augusta Rule, do I need to rent business furniture, such as tables and chairs, or can I use my owner personally-owned furniture?

Answer: The "Augusta Rule" is a tax deduction for business owners. The rule (Section 280A) allows homeowners to lease their homes for up to 14 days per year, the income of which is tax-free. Business owners who are also homeowners are generally eligible to lease their home to their business for market rate. As a business owner, you may hold annual, quarterly, or other business meetings and conferences at your home. Under the Augusta Rule, the tenant (e.g., your business) has access to the same furniture and appliances you make available to individuals tenants, such as those you find might find on short-term rental sites like Airbnb and VRBO.

Disclaimer: This content in our videos is for informational purposes, and does not constitute individual legal or tax advice. No accountant-client relationship is created solely by your view or use of a video. You assume all responsibilities and obligations concerning any decisions, conclusions, opinions, or actions you may take regarding your use of the videos.

SCHEDULE MY FREE CALL

With Tax Hive’s years of experience in tax and business services, we use our expertise to make your life easier so you can focus on building your business. Ever changing rules require a team who knows you, your business and the tax implications. Our tax professionals meet your needs while helping you manage tax risk, control costs and reap maximum benefit. If you’re ready to get started, CLICK HERE to schedule a FREE strategy session with one of our specialists today.

Schedule your FREE 15 minute call now!