Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

By filing an extension for S corp does it affect a 1031 transaction? Does it make it taxable?

Nile
Level 2

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

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
IRonMaN
Level 15

I don’t think filing an extension is going to change th taxability of a tansaction done during    the year.


Slava Ukraini!

View solution in original post

0 Cheers
5 Comments 5
IRonMaN
Level 15

I don’t think filing an extension is going to change th taxability of a tansaction done during    the year.


Slava Ukraini!
0 Cheers
Just-Lisa-Now-
Level 15
Level 15
@Nile why would you think it might make a difference?  I'm more curious as to the thought process behind this idea.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
IRonMaN
Level 15
It’s the client that is worried :smile::smile:

Slava Ukraini!
0 Cheers
Nile
Level 2
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.
0 Cheers
Just-Lisa-Now-
Level 15
Level 15
An extension moves the date for timely filing.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers