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Article Date:
March 2006


Word Count:
164

 

 

Bed and Breakfast Joke


Dennis E. Lofstrom reported $649 of income and $19,158 in expenses on his Angel’s Rest Arrowhead Ranch Fly-In Bed and Breakfast. The court granted a zero deduction for the expenses because1

 

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Lofstrom allowed his daughter and her family to use the B&B. Tax law counts the daughter’s use as personal use by Lofstrom, and the amount of her personal use made the B&B a Lofstrom residence for tax purposes.

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Lofstrom did not use the B&B exclusively for business.

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Lofstrom had no records proving ... Log in to view full article.

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