tax benefits for s corp. with real estate

[leeschill]

What is the name of your state? FL

I just formed an S corp. and was wondering what type of tax breaks there are when it comes to real estate. The reason I ponder is I sold a previous home to a 'real estate investor', who appears to have turned around and sold it to his own corporation for cheap, rather than having the corporation buy it in the first place. Is there a tax benefit I've missed on this one?

2nd question
I have lived in my home for less than 2 yrs. and would obviously want to avoid the taxation on profit on the value of my home. Could I sell it to 'my corporation' and avoid paying that?

Thanks in advance

 

[Snipes5]

If he really did do that, he's in violation of the tax code. There are specific regulations set up to prevent that sort of tax avoidance.

No, you can't do that. Just live in it the rest of the two years, or see if you have one of the extenuating circumstances that will allow you to exclude some of the gain.

Snipes

 

[leeschill]

interesting...is there somewhere on the web that I can view tax codes? Even better if its easier for the average person to read...

 

[Snipes5]

www.irs.gov

Snipes

 

[abezon]

http://www4.law.cornell.edu/uscode/26/index.html