TaxHire Family Members


T

Tax Tip

You should hire someone (like a family member) to do your work and
write off the cost of labor, because you cannot deduct the cost of
your own labor.

For example, if you paint your rental property or install a lock using
your own labor instead of hiring a painter or a locksmith, you cannot
deduct any expenses for labor.

However, if you hire a non-owner like your child or possibly your
spouse, the costs are deductible against your income because they are
considered to be rental expenses.

There's no catch and it's A-OK with the IRS. You will have more
control over lowering your expenses while still keeping the ability to
write them off. Be sure to check out the article I have linked if you
want to find out more.

Community Relations TReXGlobal.com
( http://www.trexglobal.com )
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