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    Jane King's Avatar
    Jane King Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 11, 2016, 09:37 AM
    Accounting
    Is it legal to self finance an income property?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    May 11, 2016, 10:35 AM
    How would that work exactly if you own the property (which you would have to have paid the seller in full to do).

    Sounds illegal... trying to claim a deduction when there really isn't one without fancy legal maneuvers like if the income property is held by a corporation you own and you provide financing from personal assets outside the corporation.

    Which you would REALLY want a lawyer to examine and clear before trying or you could find yourself in a lot of hot water with the IRS. ( I have no idea if that's even Legal)
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #3

    May 11, 2016, 02:12 PM
    Maybe if you told us exactly what you are considering we might be able to better help you. Post is unclear.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #4

    May 11, 2016, 05:56 PM
    How do you loan yourself money? Has to be a tax evasion scam and would therefore be illegal
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