Land Trust Lease/options and taxes
We have purchased a propertyand placed it into a Land Trust. Can we legally lease/option the house to our corporation for a set amount? Which inturn lessens the capital gains (personally)? In doing so can the property still be depreciated on personal taxes?
Purchase @ $100K
L/O to our Corp. $105K
Corp sells @ $130k
Capital gains (personal) $5k
Corp profit $25K which can be used for benifits/business trips.
I know corporations pay a higher tax over $50k (double tax) but money in a corp can by used for many other benifits?
Thanks
Sire
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