Message Font: Serif | Sans-Serif
No. of Recommendations: 4
So do I pay myself after i pay the rent and keep track of rent receipt and lease papers?

It sounds like you think there's some sort of tracking required. There isn't. You can pay the expenses from your petty cash and spend the 529 distribution on Twinkies if you like. What matters is the reconciliation between the amount of qualified expenses, of which you need to keep proof in case you're audited, and the amount taken from the 529.

See Pub 970.

Rule Your Retirement Home Fool
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.