Solved: What tax form do I use to report real property transfer to an S-Corp?
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Level 2

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? 

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Level 15

What tax form do I use to report real property transfer to an S-Corp?

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. 

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1 Reply
Level 15

What tax form do I use to report real property transfer to an S-Corp?

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. 

View solution in original post

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