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Article Date:
October 2011


Word Count:
795

 

 

Create Both Tax-Free Income for Mom and Dad and Business Travel Deductions for You


Are you looking for more tax deductions?

 

Could you take a business travel trip to a city where your mom and dad live?

 

If so, consider the following:

 

1.

You could pay rent for staying at their home.

2.

You could deduct as a business travel expense the business part of the rent you pay.

3.

Mom and Dad could collect the rent tax-free.

 

To make this work, you need to

 

·

document your business travel,

·

consider the 1099-MISC rules, and

·

know when rental income is tax-free income.

 

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