Benefits of Corporate Housing and Tax Issues

You have to take your time and decide which accommodation option will suit you the most when you’re a frequent traveler. Depending on the length of your stay, you can certainly benefit greatly from corporate housing. It is a preferred residential medium than hotel accommodation when it comes to extended stay. There are various benefits of corporate houses. Some of them are listed below:

  • These corporate houses are fully furnished unlike other rental properties and have all the basic utilities for a comfortable living. These houses have fully equipped kitchens and functional bathrooms.
  • Unlike the hotel rooms, these corporate houses are as comfortable as your own home. You can enjoy your privacy and live in your own way. Nobody is there to interrupt you in the name of room service. For extended stays, being able to live in a home-like environment will certainly be a productivity booster.
  • These corporate houses supply you with all the required utilities be it internet service or local cable. You get washing machines, television, refrigerator, and other required electronics pre-installed in these houses. The houses also have sufficient stock of bed sheets and bath towels which can be changed as required.
  • Staying in a corporate house instead of a hotel is quite cost-effective. Despite all the available facilities, the rental charges of corporate houses are lower than that of hotel rooms. In addition, you can also save your money spent on food, as you have to dine out or order your meals daily while living in a hotel. On the other hand, you can cook your healthy meals easily at home due to fully equipped kitchens in corporate houses.

Some corporate houses also offer added facilities for gym and swimming pools like you enjoy in high-end hotels making your stay more luxurious and thrilling and that too at a slashed price from hotels.

Corporate Housing and Tax

While the concept of corporate housing has its benefits, it is natural to have questions regarding your taxes. If your stay at the corporate house is due to a fringe benefit by your employer, it is considered as a part of your income and is subject to tax deduction. If you are staying there during the period of relocation, you have to bear the tax.

If you are traveling for the purpose of business and have to stay there as part of your work regime, like if you are a project manager and are staying at premises within the area to supervise company`s upcoming project, the staying cost is excluded from your income and is nontaxable. People from civil service, government, education, and construction companies can benefit from this exception of a tax deduction.

Another exception from tax deduction is that if you have to stay at the corporate house for a long duration like a year or two then your house allowance will be deducted from your salary and this cost of staying at the corporate house will be included in business expenses and you don’t have to pay the tax. So, be sure to consider these tax related issues when opting for corporate housing.

Levvin Coffey
Content Concord is the writer behind belfieldrealestate.com, a blog focused on real-estate. She is a professional writer specializing in real-estate, business Investing and many other intellectual fields.

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