For farmers and ranchers considering incorporating, one of the major questions is whether the farm or ranch residence or residences should be transferred to the newly formed corporation. From an income tax perspective, residential costs are deductible for an unincorporated taxpayer only to the extent of mortgage interest and property taxes and costs associated with business use of the residence such as an office "used regularly and on an exclusive basis" for business purposes.
Harl, Neil E.
"Corporate Ownership of the Farm Residence,"
Agricultural Law Digest: Vol. 1
, Article 1.
Available at: https://lib.dr.iastate.edu/aglawdigest/vol1/iss21/1