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Sep 10, 2024 8:51 pm
I want to move a property from my corporation to my personal name . So that I can declare the propery as primary residence and live in it .
How can I account for this transaction in the corporation books ?
Do I have to sell the property in FMV to myself when Im the shareholder of the property.
Thanks
Hannah
1 Reply
Sep 12, 2024 7:36 pm
Hi Hannah,
You have to sell the property from the corporation to yourself for fair market value. If the property has increased in value, there will be a capital gain.