I'm a small home builder,sole propietor,and will elect S-corp status for 2000. Currently,I have 2 houses under construction and two other vacant lots I'll build homes on next year. Should these assets be transfered into the new corporation and become basis? I'll be the only shareholder. What about my truck? I also operate another schedule C business; a vacation rental with short term tenants. I would like to be protected from liability in this business also. Can I include this business in my S-corp as well? Should I? Should this beach house be transfered into the new corporation? I have taken the home office deduction for many years. What happens to this deduction now?
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