Are there tax benefits to buying my condo with my s-corp company's money?

Question

I have a personal training business. I have the option of buying a condo in a new complex that has a full gym. The complex said I could be the exclusive personal trainer for the complex. I could run my training business in their gym and could make fitness videos to sell to clients and sell vitamins etc. all from the condo complex and complex's gym. Are there tax advantages to this set up versus now I own a home and contract at a local gym that takes a cut of my pay. The mortgage would be a reach for me, but hopefully some tax advantages might help with that. I might have to own the condo for several years before I sell because others like it are being built in the complex = more clients for me, but difficult to sell the condo if need.

Answer 1

There are pros and cons. Check with your accountant.

Answer 2

Hi:

First, I am not an accountant or lawyer, but your question generated some thinking on my part as a result of some personal future business plans.

In doing some research, it generally appears that ownership of property in either an S or C corporation is not a good idea. Looks like for both types of corporation, the tax advantages may be detrimental. The research does suggest that having an LLC invest in real estate purchase(s), might be the better alternative.

Overall, you definitely should speak with an accountant and an attorney.

Check out the following the websites for more information. I've listed them below.

Hope this is helpful,
Jfaye - formdsinc

Answer 3

You need to talk to an ATTORNEY I can help you. This is a great opportunity for your business and you can earn a great six figures. Please use and attorney find out what is the proper way to set this up so keep that money.

Marcus T. Smith
www.legal911.info