Advice Needed on Incorporating Decisions
Hello, In deciding to exit the Rat race, I have decided (After a full year of research) to purchase a franchise. I am using the ROBS program to create a C-Corp (Yes I am using an expert in this to assist) to purchase it from my IRA without creating a debt. I was planning on still having 50% of my IRA remaining to continue to grow, in addition to 100% of my wife's. Along came an opportunity through a friend to purchase a house that easily values @ $180,000 for $115,000(purchase price). The owner's mother passed away a few weeks ago and they want to sell asap for cash and get back to Florida. Without wanting to miss out I signed the agreement to purchase the house, put $1,000 down and put it under what will be my C-Corp name. I am reconsidering if I should hold the flip under the C-Corp or perhaps create a NEW LLC or S-CORP, take out a SBA Loan, fund the house, and pay back the loan immediately and have access to the profits for a future flip or to re-invest. This would allow for me to still leave 50% in my IRA and not fully deplete, also perhaps would lead to a greater tax savings?
*Looking for advice and to have this question answered- If I kept everything under the C-Corp would I pay the Capital Gains tax and then pay an income tax personally (double taxation) Or will I not need to pay the C-Corp Tax as long as I pay myself the wage asap?