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How do i move rentals to an s-corp?

Audrey46
Level 2

how do i move rental information from an individual return to an s-corporation?

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abctax55
Level 15

As in *contribute* them to an S-corp?  I suggest rethinking that strategy (research "never, ever, no not ever put real estate in a Corporation).

Or is it a done deal and you want to move the asset details from the individual module to the S-Corp module? 

If it's the second one, yes - deprec can be exported/imported.  Look under the tools menu (I think..)

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

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4 Comments 4
abctax55
Level 15

As in *contribute* them to an S-corp?  I suggest rethinking that strategy (research "never, ever, no not ever put real estate in a Corporation).

Or is it a done deal and you want to move the asset details from the individual module to the S-Corp module? 

If it's the second one, yes - deprec can be exported/imported.  Look under the tools menu (I think..)

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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abctax55
Level 15
@George4Tacks  - where's that snifty link for moving depreciation info between modules?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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IRonMaN
Level 15

Are you sure you really want to do that?


Slava Ukraini!
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George4Tacks
Level 15

If you have properly title the transfer of the property from the individual to the corporation, then go to it:

(a) https://accountants-community.intuit.com/articles/1857497-exporting-depreciation-data-to-a-file

(b) https://accountants-community.intuit.com/articles/1862398-fixed-asset-import-common-questions

If you have passive losses, then I think you might want to start another question, after you slap the client upside the head for doing such a stupid thing. 


Here's wishing you many Happy Returns
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