Nile
Level 2
12-07-2019
03:16 AM
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Client is out of town and would like to file an extension for S corp, but worried if his 1031 transaction that was completed in 2018 will be taxable if it is not filed by 3/15.
Any help is appreciated
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IRonMaN
Level 15
12-07-2019
03:16 AM
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I don’t think filing an extension is going to change th taxability of a tansaction done during the year.
Slava Ukraini!
Just-Lisa-Now-
Level 15
12-07-2019
03:16 AM
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@Nile why would you think it might make a difference? I'm more curious as to the thought process behind this idea.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15
12-07-2019
03:16 AM
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It’s the client that is worried :smile:
Slava Ukraini!
Slava Ukraini!
Nile
Level 2
12-07-2019
03:16 AM
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It was mentioned to my client by the Company that handled the 1031 exchange. If he doesn't file the return on time then he can lose the benefit.
Just-Lisa-Now-
Level 15
12-07-2019
03:16 AM
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An extension moves the date for timely filing.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪