Buying land

Every states has their own lawes. Pa sux period . Oh #2. Taxes. Ck with the professional

 

Yes you can, it doesn’t have to be for the business because how it is depreciated and how you pay property taxes is your main concern.

so here is what another fleet owner down the road has done, he has about 10 trucks. He bought 20 acres of farm land and put up a small fenced area next to the road for the trucks then he leases out the rest to a farmer down the road. What this does is cover the taxes and he has a place for the trucks, he takes the depreciation which offsets other ventures and he has equity from the land.

Of course don’t do this blindly, consult a good real estate accountant.

 

Yes your business can buy it. I would just run the money through my personal account first lol. That being said I have heard of people actually charging their business rent to park on their own property for a tax write off or renting their business their own shop if you mainly are trying to do it for taxes there may be other options available. I don’t do any of that personally. If I get an audit I prefer not to have to explain how that all works.

 

Put up a pole buiding, with office and living facilitys

 

You won’t get any deduction for the land itself, since land isn’t depreciable. But carrying costs, such as property taxes and mortgage interest can be deductible to extent of the business portion of the real estate. Likewise, only the business portion of any buildings, including depreciation, will be deductible.

Any personal residence costs won’t be deductible either, except possibly a percentage for ‘home office’ portion of the residence. But these home office rules are fairly restrictive, so best to consult your tax accountant.

Oh, and keep the personal residence OUT of the S Corp.