Sell Home to S-Corp

General information: This strategy involves forming an S corporation (a type of corporation that passes income, losses, deductions, and credits through to its shareholders for federal tax purposes) and then selling your personal residence to this newly formed S corporation. The S corporation then rents the property out, potentially becoming a source of rental income. The primary goal is to take advantage of the home-sale exclusion (IRC Section 121) on the personal side and get a stepped-up basis for depreciation on the corporate side