Hi, I would like to buy a mobile home, primarily for use by my family but also others, some of whom I would have a business relationship with.
I also am involved in a few businesses and have a holding company with shareholdings or options in these businesses.
In considering buying the mobile home I have been asking myself why (with my company hat on) I wouldn't just acquire the mobile home as a new asset through the comany, then either pay rent personally to the comany for when I or my family use it or apply a BIK equivalent in my tax return for use of the asset.
Given it is not covered by the onerous BIK applied to cars and the resale concern re physical property like houses is not a concern as it is a depreciating asset, wondering whether I am naive in considering buying it through company?
Appreciate any feedback...
I also am involved in a few businesses and have a holding company with shareholdings or options in these businesses.
In considering buying the mobile home I have been asking myself why (with my company hat on) I wouldn't just acquire the mobile home as a new asset through the comany, then either pay rent personally to the comany for when I or my family use it or apply a BIK equivalent in my tax return for use of the asset.
Given it is not covered by the onerous BIK applied to cars and the resale concern re physical property like houses is not a concern as it is a depreciating asset, wondering whether I am naive in considering buying it through company?
Appreciate any feedback...