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Tax deduction you may not have heard of


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there is a tax law that allows you and a friend to hold meetings in each other's houses. You can claim the expense and he does not have to claim the income. This works in both directions. The section is 280A . Look it up on Google.

 

You can charge your friend the equilivent of a good hotel meeting room up to 14 times and not have to claim your income as income. Your friend can do the same with you. Your net is no out of pocket cost but you have now created a deduction of up to $7,000. Now who can't use that.

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