Hello All,
Is it possible to claim a loss for an owner occupied apartment unit? Or, is it also possible for my company to pay me (the owner/occupant) a salary as the maintenance guy/grounds keeper and claim that as a loss at the end of the tax year? Thank you for your help with these questions.
I’m not sure I am following the question. If you are an owner occupant, you don’t get to deduct for your own dwelling, other than a % of the mortgage interest on your private taxes.
I fail to see the advantage of paying yourself to be the maintenance person. You’d have to pay taxes on that as salary and I suspect you still wouldn’t get to claim any loss on the rental income. The salary might be a deduction off the rental income, but then you have to pay taxes on your personal income. Also, you’d better consult a tax expert because the IRS might have issues with you paying yourself for maintenance work.