Quit Claim Deed Question
Hello,
I am wondering if I can use Quit Claim deed to transfer the investment property that is in my name to my S-Corp? Is that possible? If not then should I have an S-Corp for each property (I do realize that it could be LLC). Thanks
that's an excellent question.
I don't have an answer, but an addition--will that create a taxable event?
I would suppose QC'ing a property you own into another entity would require a BPO (broker's price opinion) in order to establish a new basis for the other entity. Then you pay capital gains on the difference.
Please correct me
I had an invetor tell me once that Quit Claim Deeds should only be used to transfer interest between relatives, otherwise it can look shady. Other may have other opinions, but that is what I was told.
Jason