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Updated almost 6 years ago on . Most recent reply
Changing LLC TO S Corp for filing taxes after a flip.
We just finished a rehab and put the house on market. We are at mutual right now and my partners would like to change our Llc to a S Corp. They say it is better for tax purposes. We will also dissolve the S Corp after closing. Is this the right thing to do? Any comments or ideas will be greatly appreciated!!
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Originally posted by @Chesil Thye:
We just finished a rehab and put the house on market. We are at mutual right now and my partners would like to change our Llc to a S Corp. They say it is better for tax purposes. We will also dissolve the S Corp after closing. Is this the right thing to do? Any comments or ideas will be greatly appreciated!!
There are lots of things that come with being an S corp instead.
Accurate books and balance sheet.
Reasonable salary.
I wouldn't advise creating 1 for 1 deal, no. Plus the costs of stetting all that up, and filing the separate return. But you guys really need to talk to your tax professional.
How much is the total profits from this flip?
