Posted on: 30th Jan, 2009 02:00 pm
does transferring a rental property through a quit claim deed to an s-corp reduce my liability?...i own a couple of rental properties under a traditional mortgage and title. i'm being told i should transfer the title to an s-corp that i would be owner of. does doing this reduce my personal liability in the properties. i'm somewhat confused because i would still be responsible for the mortgage.
Hi markrotto
As far as I know, a S-corporation helps to reduce certain estate taxes. It also has certain advantages in case of income tax. But, yes, if you have a mortgage on the property you will still be responsible to pay it off.
Thanks.
As far as I know, a S-corporation helps to reduce certain estate taxes. It also has certain advantages in case of income tax. But, yes, if you have a mortgage on the property you will still be responsible to pay it off.
Thanks.