Discussion:S Corp Real Estate
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Revision as of 18:33, 28 October 2008
Discussion Forum Index --> Advanced Tax Questions --> S Corp Real Estate
Discussion Forum Index --> Tax Questions --> S Corp Real Estate
| 28 October 2008 | |
| I have an Scorp client, with three owners, that purchased land back in 2005. Well . . . the end of 2007 they built duplexes on the land, we are talking about five different properties. So all money for building, etc came from Scorp, they are contractors so nothing was labeled that these expenses were for the developement of the land. When it came time to get mortgages for the deplexes they could not get loans under the Scorp name. So two of the properties have two of the owners individually, two have two of the owners jointly and the third property lists all three of them as owners. Obviously, none of this info was shared with me until after the fact and I just received the final HUD-1 last week so a timely return has not been filed. Help . . . what do I do? Also, they want all of the properties to be owned equally between the three, met with an attorney who advised them to put each of the properties into it's own LLC. This is such a cluster . . . any sage advise for those of you that may or may not have had a similar situation. Thank you in advance. | |
