A group of friends and I are forming an investor's group. We're each putting in the same amount to purchase some property that's come up in the neighborhood. 5 people, 3 properties.
We're thinking of forming a corporation to put the title of houses. However, we're going to each get the homes under our personal names for the loans, then once closed, transfer title to the corporation.
What would be the best way to do this so that at the end of the year, the Corporation takes the write-offs, etc...as to not affect each person's personal income tax.
I know this isn't the ideal way to do it, but getting the loan under the corporation requires a heft HEFTY down payment.
We're thinking of forming a corporation to put the title of houses. However, we're going to each get the homes under our personal names for the loans, then once closed, transfer title to the corporation.
What would be the best way to do this so that at the end of the year, the Corporation takes the write-offs, etc...as to not affect each person's personal income tax.
I know this isn't the ideal way to do it, but getting the loan under the corporation requires a heft HEFTY down payment.
