CPA EXPLAINS - The Augusta Rule - Ask a CPA

[@Mrflores3]

good video, on the business side under what category will the expense be classified? Rent expense?

[@lifein626]

Hi Aska CPA, your intro music video is kinda long 15 sec most of em. and then it goes to end music vid of almost 10 sec. keep it up to a billion subscriber

[@leopoldomolina1763]

Only for homeowners? Because I rent my house (i pay to landlord), but I could think on the idea of "re-rent" my home to my small business (c-Corp) and use Augusta rule.

[@sierrahernitz5938]

Want to know the same

[@realrajiv]

Excellent video. Can I do this if primary place of business (s-Corp) and primary residence s the same. Meaning my personal residence is also my business address? Thanks.

[@AskaCPA]

Yes, absolutely

[@realrajiv]

@@AskaCPA Actually I checked with 3 more CPAs and reviewed 280. It cannot be primary place of business.

[@johnbrumfield6212]

THis is awesome info and a clearly articulated vid. Is their a TAXED AS type require for my LLC? SM-LLC or S-CORP ??

[@Brian-ve6kv]

Seems NOT deductable by your business if income is not included in your personal income. Per IRS Pub 538 "Related Persons: Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income."

[@mayraserrano2340]

My husband is a truck driver and he uses our driveway to perform oil changes....can use use the Augusta rule?

[@AskaCPA]

If he has a business and rents your home for less than 14 days and meets the other qualifications...he should qualify. If you have any specific questions, I'd recommend discussing them with a CPA as the rules can be situationally specific.

[@Brian-ve6kv]

Keep in mind IRS Pub 538 "Related Persons: Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income."

[@davidjonburke2729]

I have events at my home 12 times a year for my apparel brand, i also charge entrance fee, and also sell merchandise during event. Can i still use the Augusta rule?

[@AskaCPA]

Absolutely! Happy to chat if you need some assistance.. [e-mail]