CPA here. Not filing is just sticking your head in the sand. Your tax liability is there even if you don’t known the amount.

But it’s the difference between a monster lurking in the dark and sitting at your kitchen table having a cup of coffee. It’s much scarier in the dark.

So turn the light on by getting with a CPA or EA to get this sorted out and to see how much sticking your head in the sand is gonna cost you.

And forgive yourself. It already happened. Keep your eyes forward

Generally, a transfer of an asset by an owner who controls the Corp will be treated as a capital contribution and the Corp’s basis will be the owners basis in the asset. No gain/loss would be recognized on the transaction.

The transferors basis in their stock will increase.

Generally this is how I would approach the situation.

You’re going to need to break out the math on this one.

First suggestion is don’t let your wife who is bad with money do the books. Hire a professional.

He’s talking about S 179 or S 168.