"Mr and Mrs WIB shall provide to WIB Ltd, for compensation received, access to portions of their home to use as office space. Access shall be on the following terms:
A. Study. Up to 80 hours a week.
B. Family Room. Up to 50 hours a week.
The above shall not preclude the use of those rooms by Mr or Mrs WIB for personal use at other times, nor shall it preclude personal use by one of them concurrently with business use by someone else."
Obviously my case is different from most because some people work evenings and weekends so the study is often hopping, and when everyone is here and brainstorming a project we all move into the family room, sometimes for more than a day. Most of you guys won't be doing that kind of thing.
But specifying a max number of hours and having language specifically endorsing personal use should protect against the capital gains concern, I'd think.
A. Study. Up to 80 hours a week.
B. Family Room. Up to 50 hours a week.
The above shall not preclude the use of those rooms by Mr or Mrs WIB for personal use at other times, nor shall it preclude personal use by one of them concurrently with business use by someone else."
Obviously my case is different from most because some people work evenings and weekends so the study is often hopping, and when everyone is here and brainstorming a project we all move into the family room, sometimes for more than a day. Most of you guys won't be doing that kind of thing.
But specifying a max number of hours and having language specifically endorsing personal use should protect against the capital gains concern, I'd think.
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