I live next to farmers. Everything they do and own is a business expense. The business owns everything. Home, cars, utv, electric, propane, internet, new land, gas, desiel, and red desiel. They go on multiple caribbean vacations, rent out the banquet room and claim it as a business expense. Is this really what business are able to do?
In: Economics
A lot of people lie on their taxes; the extent of those liez depends on the nature of their business, .
A guy I know owns two properties. One is his personal house, the other is his workshop for his business, with a rental property upstairs. A lot of the stuff he buys for his personal house, he claims is for the rental property and writes it off.
Realistically, is the IRS going to be checking if those doorknobs, lightbulbs, extension cords, etc. are really for the rental property?
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