He, personally paid $100 per month because Playboy Enterprises owned the mansion. BUT that is what wealthy people do - control but not own. You are the president/CEO of your business, which owns the property, which is rented to you for free as part of compensation or for very little.
Yep, to the individual, a house is a liability. It costs you to maintain, and it costs you in property taxes just to have roof over your head. But, to a corporation a house is an asset. You can deduct depreciation, you can deduct all of the maintenance, you can deduct the cleaning / cooking staff. And that is just the stuff you can deduct off the taxes. Saying nothing about what you can make off of it.
He, personally paid $100 per month because Playboy Enterprises owned the mansion. BUT that is what wealthy people do - control but not own. You are the president/CEO of your business, which owns the property, which is rented to you for free as part of compensation or for very little.
Yep, to the individual, a house is a liability. It costs you to maintain, and it costs you in property taxes just to have roof over your head. But, to a corporation a house is an asset. You can deduct depreciation, you can deduct all of the maintenance, you can deduct the cleaning / cooking staff. And that is just the stuff you can deduct off the taxes. Saying nothing about what you can make off of it.