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I've closed my s-corp at the end of 2017, a single person…

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I've closed my s-corp...

I've closed my s-corp at the end of 2017, a single person consulting business. The s-corp purchased a vehicle in 2015. I need to dispose of the vehicle from the s-corp and transfer it back to me personally. Do I sell it back to myself or give it to myself?

Submitted: 1 month ago.Category: Tax
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Answered in 5 minutes by:
3/24/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,717
Experience: Taxes, Immigration, Labor Relations
Verified

I need to dispose of the vehicle from the s-corp and transfer it back to me personally.

For that purposes - there is no "sale"

But we need to know the fair market value of the vehicle.

That value is reported to you on form 1099div

https://www.irs.gov/pub/irs-pdf/f1099div.pdf

in box 9 Noncash liquidation distributions.

.

On your tax return - that will be added to your sale price of S-corporation shares.

For S-corporation - that will be reported as deemed sale of the vehicle - and the FMV will be used as deemed sale price.

Let me know if that helps.

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Tax Professional: Lev, Tax Advisor replied 28 days ago

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If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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