2393005
So I will be starting up an single owner LLC with s-corp tax status. Whats the best way to transfer a personal item to the llc for resell? Is it a contribution? I am trying to keep this as simple as possible. I may sell 80 items a year. I just want to officially move or transfer an item as it sells to the llc with the best tax results.
You'll need to sign in or create an account to connect with an expert.
It's a contribution and increases your basis.
Are you aware of the additional expenses, work and requirements for being taxed as a S-corporation?
Although you only provided limited information about what you are trying to do, being taxed as a S-corporation sounds like it COULD be the worst possible tax result.
NEVER choose to be taxed as a S-corporation without sitting down with a GOOD tax professional to determine if that is your best option. In MANY cases it is NOT a good option. So please schedule an appointment with a good tax professional so they can analyze your specific situation to help you determine the best outcome for you.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Newby1116
Returning Member
jeannnie
New Member
Binoy1279
Level 2
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
chelseam5532
New Member
Summerskateyoung
New Member