Question about staying at BWV for convention

[RAMWDWFAN]

In February, DS and I will be at BWV for four nights while I attend a convention (ATLA). Has anyone taken the value of the rooms for a business deduction? If yes, at what rate?

Thanks,

Rhonda

 

[RobDoc]

You should check with your tax advisor to get advice specific to your personal situation. If you are incorporated or a self-proprietor, you can likely rent the accommodations from yourself. You can use a rate comparable to what the usual room rate would be. If your company will rent the room from you (just like on the Rent/Trade Board), it can deduct the expense as it would any other travel expense.

The question may be how/whether you'll need to report the income from the rental and your advisor can suggest the proper way to handle the transaction. (If your business owns the DVC membership, then the cost and annual expenses can certainly be deducted.)

Enjoy!

 

[amylovesdisney]

RAMWDWFAN,

FWIW, we considered this scenario in detail with our CPA before purchasing our ownership. DH often attends conferences at WDW and the family tags along (DH is an MD).

NEWay, do check w/your CPA but we will "invoice" the corp. for the rack room rate for the season we are staying and DH's corp. will reimburse us personally and I'll code it to Conf/Travel exp. on the corp. books.

Since we will consider our DVC membership as a 2nd home on our 1040 tax return, I >think< we have to count the corp. reimbursement for the room as income. We'll find out for sure in March when we visit for the 1st time since becoming DVC owners.

Of course, ask 10 diff. CPAs a tax question, get 10 diff. answers!!

No slight intended - it's the same w/docs!!!