Suesabell
Level 3
12-07-2019
02:55 AM
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She lives in a different home, and the S corporation is a child care, the only issue I see is the home is the clients name and not the S Corp.
Solved! Go to Solution.
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rbynaker
Level 13
12-07-2019
02:55 AM
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Marc-TaxMan
Level 8
12-07-2019
02:55 AM
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I'll say MAYBE.
Had she done the mere ministerial act of deeding the property to the S Corp as she intended all along, and fixes that soon, MAYBE an argument can be made.
rbynaker
Level 13
12-07-2019
02:55 AM
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Before we go rewriting history, it's generally regarded as a Really Bad Idea(TM) to put real property into an S Corporation. Why not just have the S Corp pay FMV rent? Then the owners can depreciate.
Marc-TaxMan
Level 8
12-07-2019
02:55 AM
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Darn - you got that trademark already!!
rbynaker
Level 13
12-07-2019
02:55 AM
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🙂
That one and when you need a Darn Good Reason(TM) to avoid a penalty for early withdrawal from a retirement account.
That one and when you need a Darn Good Reason(TM) to avoid a penalty for early withdrawal from a retirement account.
