is rent a tax write off ?

Question

if i open a bar - can the rent be a tax write-off as im paying it for the buisniss ?

towanda- thank you for your awnser - i have looked at al the paper work but i like to ask questions here just to make sure im reading it all right

Answer 1

Yes, you can write of your rent as a office for your business.

Answer 2

For business, like you described, yes. If rent were for living space, no. If you have office space in the same area as your living space then part of the rent maybe a business write off. This can be tricky....ask a tax preparer.

Answer 3

Yes. You need to know a lot more about tax law before you open a business. Go to the irs.gov and you can download whatever information on taxes you want. Start with Form C and read everything. Also get circular C and it will tell you what you need to do-when and how. Just follow the info and download other info as needed. Or find a simple tax course for small businesses to get you started. Don't rely on other people to give you advice unless they are professionals and professionals with credentials. So while you think about a business to open start reading. You also need to go to your state and learn everything you can about sales tax, incorporation. While the irs is not particularly helpful, usually state offices are exactly the opposite and are extremely helpful. You can get yourself in big trouble if you don't know what you need to do to open a business and then how to keep your books. Yes, rent is a tax deduction for a business.

Answer 4

Commercial property rent is always a tax write off.

Answer 5

Rent on business property like you describe would be a business expense and would be deductible on your schedule D.