You can do it, but it is never advised because to get it out almost always

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Sep 20, 2024
9:40:52am

Chester Copperpot All-American

You can do it, but it is never advised because to get it out almost always

results in a taxable transaction.

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Chester Copperpot

Previous username: Chester CobberPot
Bio page: Chester Copperpot
Joined: Jun 10, 2005
Last login: Sep 20, 2024
Total posts: 22,121 (682 FO)

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Messages

Author

Time

CB accountants: In an S corp, if two shareholders want to exchange

SV72 Sale

9:16am

You put RE in an S-Corp?

RexIdaCoug

9:28am

Yes, they do. Is that not allowed?

SV72 Sale

9:33am

You can do it, but it is never advised because to get it out almost always

Chester Copperpot

9:40am

That and no step up in basis

RexIdaCoug

10:48am

You would still get a stepped up basis on the shares, but yes it makes obtaining

VenturaCoug

11:49am

RE: You put RE in an S-Corp?

Tricky

10:25am

You really need to sit down with your accountant/tax preparer.

vacoug87

10:14am

If FMV of the property is greater than its tax basis, you will trigger income

VenturaCoug

10:22am

I believe in this scenario, FMV is less than tax basis

SV72 Sale

10:37am

I’m honestly not sure on what the right answer is here.

VenturaCoug

12:13pm

Thanks! I really appreciate you taking the time to share your

SV72 Sale

12:19pm

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