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 ]
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
I am going to rent the property. I am going to do some rehab first. The house is paid for.
Income earned by an S Corporation flows directly to the tax return of the shareholder(s.)
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