Switching over to an S-Corp while holding a property?
I have 6-7 houses/lots, and i want to switch over to an S-corp. One in particular that im in the middle of closing right now. The S-corp has already been created, so if i create an S-corp account to have the money deposited into. Is this sufficient to reap the S-corp benefits at the end of the tax year?
-The one under contract is a flip, which im due to gain a larger amount of profit from. So, im trying to take advantage of the wages/dividend rule to offset some of my self employment tax on it.