My husband and I own a few rental units, 2 are in a corporation, the other properties are in our personal name. Unfortunately our cpa is out of the country, and has not really been available. We needed a simple letter for our lender , and we were not able to reach him at all, that is just one example... We need to get our income taxes and corporate taxes filled by the deadline.
We also need an answer to the dilema below.
We purchased a rental property back in 2003, the property was quit claimed into our C corporation, We paid doc stamps then.
Now we are refinancing the property to payoff current loan of 100k, we will be getting a new loan of 110k (we are not getting any cash out, the extra 10k is paying closing costs). The lender now,in the last minute will not close under current corporation. They gave us two options.
1- We open a new llc, transfer the property to the new entity at closing
2- we transfer property to our personal name, then we can transfer it back to current corporation.
My questions are as follow.
Will this be a "taxable income?
If this was your loved one, what would be your advice? Why?
Thank You !!
You can bid for this project two ways:
1- Fixed rate: Please bid for both returns, and to answer the question. This must include 1 letter per year, and maybe 6 emails/calls per year. We would like someone to do our returns for many years. We greatly value relationships and hate have to move and start over...
2- Hourly Rate- Please estimate number of hours, you expect to prepare personal return with schedule c, and rental properties; and also for simple(little to no income) corporate tax.
Thank you in advance for your help!!
Ps: Must REALLY BE AN EXPERT and know the tax code, and laws of the
Great United States of America