Quit-claim to corp to ease tax burden?

[beachmaster]

I bought a house last month in my own name, with the intention of later quit-claim deeding the house into a newly forming s-corp so that I could save on some of the self employment taxes when I sell the house later.

Question is, will the IRS recognize this transfer as legit or will they ignore the transfer to the corp and charge me with all self employment taxes on the gain since I originally took title in my own name personally?

There is another party to the corporation so I really don't want to pay all the taxes on this house by myself, but what will the IRS say?

[wricg]

You certainly can QCD this into a seperate entity. I have done this on a few properites that were originated in my sole name and i moved them into trusts or an LLC.

[beachmaster]

You certainly can QCD this into a seperate entity. I have done this on a few properites that were originated in my sole name and i moved them into trusts or an LLC.

I know I CAN quit-claim it into another entity.

My question is whether or not I NEED to quit claim it in order to ease the self employment tax burden, or if that will just be an exercise in futility that will cost me the extra transfer fees/taxes.

If I don't quit-claim it, and just sell it as it now is, in my name, then can I place the sale proceeds/profits into the corporation and pay myself and the other party of the corp a salary and thus avoid paying the self employment taxes on the whole amount of profit?  Anyone?