What tax form do I use to report real property transfer to an S-Corp?
I am the sole proprietor and president to both an LLC and an S-Corp. I have long term rental property that I wish to transfer from my LLC to my S-Corp. Said property will be used as a motel/resort business. Advice?
You do not "transfer" the asset ... it is 2 separate entries.... On the Sch C you will take the asset out of service and then add the asset to the S-corp making sure to transfer in the current basis from the Sch C.
