Posted by JPiper on January 13, 1999 at 13:43:08:
I guess I misinterpreted your question. From the title of you posting “Double Closing…” I assumed that you had not closed on this property yet. This evidently is NOT the case…so much for my assumptions. Therefore, STRIKE everything I said in my prior posting.
You would have to deed the property to the corp as you said. You could do this by executing a contract from yourself to the corp, and having the corp execute a note for the $24K to you, payable at closing.
The question I would have is why are you going through all this over this $16K profit?? I would run all this by my tax advisor to see if it truly makes any sense. I believe in using corporations to flip, but in this case you have already closed personally. If you sell to a corp to simply to create a tax sham, I would question it. You can form a corp any time and fund it with the proceeds from the sale. In any case, check with your tax advisor.
Deeding a property from yourself to a corp can have complications, especially when you concurrently resell it to a third party at a higher price.