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Thanks - a friend had suggested that. But since the S-Corp income is basically taxed at my rate, wouldn't deducting rent from the company only for it to show up as rental income on my personal return basically give me no advantage at all?

The associated deductions would be deducted on the schedule E. You are correct in that the net income will be the same on your personal return; but two advantages

1 - Rental expense to the scorp is a way for you to take income out of the scorp without subjecting it to payroll taxes.

2 - Having real property in the scorp could lead to triggering depreciation recapture if the real property were distributed to you at liquidation of the corp.

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