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

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
erikhedberg
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? 

1 Best answer

Accepted Solutions
Critter
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

1 Reply
Critter
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

v
Privacy Settings