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Message
re: S-Corp Question
Posted on 3/20/13 at 7:28 am to Interception
Posted on 3/20/13 at 7:28 am to Interception
quote:Income and losses from rental real estate activities has all sorts of special rules. How those rules apply depends on several factors that go beyond the scope of a message board discussion. You need to sit down with a tax professional and review your prior years tax returns and current year information (both the S corporation and your individual) to determine the best approach to minimizing the tax consequences of revenue from rental real estate activities.
What info do you need? I'm all ears Poodlebrain
1
Posted on 3/20/13 at 4:28 pm to Poodlebrain
Assuming they have no E&P, there should not be any passive income consequences.
The character of the income to the S-Corp is "passed through" to the shareholders. Since this rental income is ordinary income, it will be ordinary income to the shareholders.
You may want to make damn sure there are minimum distribution requirements (i.e. shareholder agreement), otherwise, you could be allocated income with no cash to pay it.
If you don't understand the basics of subchapter S or subchapter K, it might be best to get in touch with an accountant to tax attorney.
You don't want to blow your S election unnecessarily (generally never at all).
The character of the income to the S-Corp is "passed through" to the shareholders. Since this rental income is ordinary income, it will be ordinary income to the shareholders.
You may want to make damn sure there are minimum distribution requirements (i.e. shareholder agreement), otherwise, you could be allocated income with no cash to pay it.
If you don't understand the basics of subchapter S or subchapter K, it might be best to get in touch with an accountant to tax attorney.
You don't want to blow your S election unnecessarily (generally never at all).
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