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Updated almost 4 years ago,

User Stats

211
Posts
109
Votes
Sean H.
  • Developer
  • north carolina
109
Votes |
211
Posts

Switching over to an S-Corp while holding a property?

Sean H.
  • Developer
  • north carolina
Posted

I have 6-7 houses/lots, and i want to switch over to an S-corp. One in particular that im in the middle of closing right now. The S-corp has already been created, so if i create an S-corp account to have the money deposited into. Is this sufficient to reap the S-corp benefits at the end of the tax year?

-The one under contract is a flip, which im due to gain a larger amount of profit from. So, im trying to take advantage of the wages/dividend rule to offset some of my self employment tax on it. 

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