Posted by Natalie-VA on December 15, 2006 at 06:46:03:
Sara,
I’m not an attorney or CPA and you should speak with yours, but I wanted to share how we have our stuff set up.
We use an S-Corp for our rehab properties that we resell. These are Dealer transactions and we would not be able to use a 1031 exchange for any of these.
We use an LLC for our rentals.
So, I think it’s going to depend on what you’re doing and what state you’re in.
–Natalie
S Corporation 1031x? - Posted by Natalie
Posted by Natalie on December 12, 2006 at 10:03:04:
I’m selling my apartments I’ve held in an S Corp since 2000. I’d like to do a 1031x to avoid capital gains but am unsure about holding r.e. in an S corp for my future. Should I close the S Corp and pay capital gains or 1031x and buy more?
Re: S Corporation 1031x? - Posted by Garrett Sutton
Posted by Garrett Sutton on December 14, 2006 at 17:52:24:
If possible you do not want to own real estate in an S corp. However, if you are going to save a huge amount of money by doing a 1031 then perhaps it makes sense. I would work with your advisors to see which is the best way to go. Good luck, Garrett
Re: S Corporation 1031x? - Posted by Sara_CA
Posted by Sara_CA on December 15, 2006 at 24:19:26:
"If possible you do not want to own real estate in an S corp. "
Why is it not advisable to own RE in an S corp? I have set up an S corp. soley for the purpose of doing REI. and owning the RE in the S corp’s name. Did I set up the wrong type of company?
Now that I have already set up the S corp, how can I still make it work? Or do I have to close the S corp and set up another entity?