Hi all, I formed a business recently and run it out of a room in my house. My grandpa will be closing his one-man-shop soon and has offered it to anyone who can make use of it.
It would make a good office/meeting space and I'm tempted, but we live on the state border. The business is in State A and the building is owned outright in State B.
What can I expect from a legal/tax standpoint in this situation? I will be contacting my CPA on Monday but curious if I should even bother. My business is new and acts as additional income to my day job. Don't know yet what the annual cost of the building (insurance, tax, etc.) but finding out.
Thank you for any help!