Tenant in common 50% private company and 50% individual (living in house). Is rent necessary?

Question

Tenant in common 50% private company and 50% individual (living in house).  Is rent necessary?

 · Accepted Answer

Bruce4Tax · Answer

Assuming that you mean the company owns the house, then failure to pay rent at market value would result in the company paying fringe benefits tax. Your parents should get proper advice from their accountant.

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