I know confusing right??? It gets worse. LOL!!!
I have requested the opinion of a second accountant to make sure we are on the right track
The situation: We are opening a business and have bought a residential property that is being converted into a commercial property. The business won’t be operational for several more months (and this will be it’s own corporation) and we were told we would need to set up a management corporation to handle the property itself. The other corp (new business) will have to rent from this corp. However, there are tons of stipulations with this. We need to gross less than 100,000.00 to be able to deduct expenses associated with the property, we can’t claim the mortgage etc.
So, in order to get this business up and running we have a lot of expense coming our way. Is there any other way to do this? Something far less confusing and something that will allow us to claim all our expenses without a cap etc.
I would appreciate any thoughts.

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