Corporation In Texas Help Please

Hello



Me and my wife stated a corporation in Texas. I own a house before we were married. I deeded the house to the corporation. Can I have the corporation pay me for the house? Or can I show a negative profit to the sum of the value of the house. We bought another house and are not living in the house that is deeded to the corporation.



[ Edited by MrBossman on Date 01/23/2006 ]

Comments(3)

  • MrBossman23rd January, 2006

    This is a S corporation. This is a tax shelter. Right now it is not income producing. But when it is income producing can I call that income payment for the house?

    Thanks
    Mrbossman

  • MrBossman23rd January, 2006

    I am going to rent the property. I am going to do some rehab first. The house is paid for.

  • bargain7624th January, 2006

    Income earned by an S Corporation flows directly to the tax return of the shareholder(s.)
    [addsig]

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