Legal Question in Real Estate Law in Illinois
Second home purchase?
We're planning to buy the house next door to use 1/2 as a home office & do some consulting work (work on some computer programs, etc) - I go to the customers. I don't routinely have people come into the home.
The other 1/2 of the house will be used for hobbies & a place for visiting relatives to stay.
Are there legal problems we should be aware of? Are there any liability issues I should be aware of? I'm planning on this being my home office (1/2 of house) for tax purposes. Thank you.
1 Answer from Attorneys
Re: Second home purchase?
I would be most worried about the ability to write it off as an office.
This always raises a red flag with the IRS.
I would talk to an accountant before I did anything. As far as liabiklity, your company should have some kind of structure (Corp, LLC etc.). Buy the home in the name of the structure, and insure it that way.
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