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Level 3
December 7, 2019
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How do i move rentals to an s-corp?

  • December 7, 2019
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how do i move rental information from an individual return to an s-corporation?

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Best answer by abctax55

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..)

3 replies

abctax55
abctax55Answer
Level 15
December 7, 2019

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..)

HumanKind... Be Both
abctax55
Level 15
December 7, 2019
@George4Tacks  - where's that snifty link for moving depreciation info between modules?
HumanKind... Be Both
IRonMaN
Level 15
December 7, 2019

Are you sure you really want to do that?

Slava Ukraini!
George4Tacks
Level 15
December 7, 2019

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. 

Answers are easy. Questions are hard!