Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I own a multi-family property under an S-Corp. I am the sole

Customer Question
shareholder of the company. I...
I own a multi-family property under an S-Corp. I am the sole shareholder of the company. I would like to sell the property and purchase a replacement property using a 1031 exchange. However, can my S-corp sell the property, and then, i will buy the replacement property using my personal name.
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
2/22/2016
Tax Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 1 year ago
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience: Principal at Jason M. Tyra, CPA, PLLC
Verified

Hi there: The S Corp must sell and repurchase another property in order to qualify under Section 1031.

Ask Your Own Tax Question
Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
178 Satisfied Customers
Experience: Principal at Jason M. Tyra, CPA, PLLC

Jason M. Tyra, CPA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I have a business, and I'm minority shareholder in s corp.
I have a business, and I'm minority shareholder in s corp. I'd like to know about my rights how to sell my share and my authority in the company … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
This pertains to a C Corporation. Facts: -3 shareholders
This pertains to a C Corporation. Facts: -3 shareholders each own 1/3 of corporation. -2 of the 3 shareholders sell their shares to the 1 remaining shareholder and a new (individual) shareholder -C Co… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
525 satisfied customers
Or Lev" S-Corp shareholder question: Does the following rule
quot;For Lane or Lev"S-Corp shareholder question: Does the following rule for deducting health insurance premiums on line 29 of the 1040 apply if the shareholder owns 100% of the company and there are… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
An S Corporation & its 2 shareholders are selling the assets
An S Corporation & its 2 shareholders are selling the assets of the Corporation. The Corporation provides corporate credit card processing services and its primary assets are the contracts with its cu… read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
100% S Corp shareholder distributed a vehicle to himself.
100% S Corp shareholder distributed a vehicle to himself. Original cost 59711, A/D 54073, note 48313. He used the vehicle as a trade in for a personal vehicle. I would like 1120 S and k-1 assistance.… read more
taxmanrog
taxmanrog
Master\u0027s Degree
778 satisfied customers
I have a shareholders distribution based on business sale -
I have a shareholders distribution based on business sale - I don't know where to report on my taxes … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
2% shareholder insurance - If a 100% Shareholder is on
2% shareholder insurance - If a 100% Shareholder is on payroll and he has an insurance policy but spouse is on Medicare, is the amount of the insurance premiums of owner plus the Medicare that was wit… read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
I am the sole shareholder in a C Corp that has carry forward
i am the sole shareholder in a C Corp that has carry forward losses. my last corp tax filing was thru june 30, 2017 although operations ceased Dec 31, 2016. can these losses be applied to my personal … read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
In CT they have a tax on personal property in addition to
In CT they have a tax on personal property in addition to real estate property tax. What is the personal property tax on boats? is it the same percentage as a car? also do they tax all personal proper… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
Looking for a 2015 and 2016 shareholders basis computation
looking for a 2015 and 2016 shareholders basis computation form … read more
abci168
abci168
Principal
27 satisfied customers
A Non-US resident is the sole shareholder of a U.S Corp. The
A Non-US resident is the sole shareholder of a U.S Corp. The U.S Corp is the owner a Real Estate Property in NY City. The shareholder of the U.S Corp is affray that if she passes away, there will be a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Fred and Wilma Flintstone are the sole shareholders of
Fred and Wilma Flintstone are the sole shareholders of Bedrock Rock (BR), a business organized as a C corporation that provides natural stone and rock countertops. In addition, they co-own Cave Dwelli… read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
Does a U.S. 1120 with a sole shareholder be required to file
Does a U.S. 1120 with a sole shareholder be required to file a F-5472 if the shareholder is filing under tie-breaker rules . The shareholder is filing F-5471 with regard to CFCs and F-114 as he is con… read more
taxmanrog
taxmanrog
Master\u0027s Degree
778 satisfied customers
You I am in a settlement agreement for my personal property
You I am in a settlement agreement for my personal property being discarded in a land field by a property preservation company and bank. They both want me to sign a w9, but I don't agree with paying t… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
My grandma has a rental property held personally since the
Hi Mark, My grandma has a rental property held personally since the year 2000. We want to transfer the house into an LLC. On the date the rental property is transferred into the LLC what is the holdin… read more
socrateaser
socrateaser
1,031 satisfied customers
If a shareholder of an S-Corp, 100% shareholder, who did not
If a shareholder of an S-Corp, 100% shareholder, who did not pay himself a salary in 2016 and owes in excess of 48K when the K-1 comes over to personal tax and all the shareholder's monies are in the … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Determining what is considered personal property in
determining what is considered personal property in california....e.g. investment accounts, savings accounts, checking account … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
How "like" must personal investment property be for an
How "like" must personal investment property be for an exchange. Can an investment grade antique firearm be exchanged, for example, for gold in a 1031 exchange? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x