no tax benefits that I can see except if your state has a separate income tax for S-Corps. then it saves it some state taxes. the S-Corp gets the deduction but you personally have rental income of the same amount. this would also be subject to the self-rental rules. In the case of a self-rental, income is treated as nonpassive and loss is treated as passive.
will the S-corp be getting a mortgage on the building that could be an issue if the land is outside of the s-corp
