I just started an AirBnB I own personally but am incorporated

[Tristan218]

Hello!

I have recently started an AirBnB business. I am starting it with my condo I own personally. I have recently incorporated and have been collecting through there to date.

I spoke to a CPA and he mentioned I may need to transfer the asset, which will trigger land transfer tax which I just paid two months ago, which isn’t good.

I figured I could rent it to my corp and collect exactly as much as my costs would be which I think I would be able to write off personally? I’m not looking to take profits out of the business.

Does this seem feasible? Are there negative implications to this?

I’m happy to pay any experts to help me set this up, too.

[Lorna170 · Accepted solution]

@Tristan218  You may want to talk again to your CPA and an attorney.  We transferred our rental property to our LLC as that would afford us protection against lawsuits that could impact our personal assets.