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Updated about 4 years ago,
Can you use an S-Corp for rental income and expenses?
My husband has an S-Corp that he used for his previous work as an independent contractor (non-real estate related). We both own some rental properties (both our names on the titles) and have always used our personal bank accounts for rental income/expenses. But now we're hoping to put everything on my husband's S-Corp's business bank account and use the S-Corp for doing real estate business. Is this possible? Would it be okay for us to start depositing rental income into the S-Corp account and also use it to handle real estate-related expenses? Or do we need to have our tenants re-sign our leases and put the S-Corp's name on them? And if that's the case, then do we also need to put our holdings under the S-Corp as well?
Thank you in advance for any advice!