I want to buy a house in Virginia as an investment property and rent it to myself? If that is not possible, can I rent it to my husband?
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I want to buy a house in Virginia as an investment property and rent it to myself? If that is not possible, can I rent it to my husband?
It makes absolutely no sense to to rent a property to yourself or even your husband, unless you are looking to take a loss for tax purposes and even then its really iffy.
Renting to yourself is considered personal use of the property and expenses incurred are not deductible. This often comes up when people rent out a condo for most of the year but use it for personal use for a few weeks each year. The rule is that if you use the property for personal use for more than 2 weeks per year or more than 10% of the number of days rented to third parties you can't treat it as a rental property for tax purposes. The reason for this is to prevent people from trying to turn personal expenses into business expenses.
I'm curious what your reason to do this is?
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