David Posted March 15, 2020 Report Share Posted March 15, 2020 LLC owns a commercial building that is rented to the LLC members' S Corp business. The LLC members are the same as the S Corp shareholders. On 12/10/19 the LLC did what they call a reverse 1031 exchange. They used a 1031 agent and purchased a new building, which they moved into in early 2020. They have yet to sell the old commercial building. I have never done a reverse 1031 exchange and will have to research further all of the intricate details of how to handle this. My main question now is that, as far as I understand, the 2019 tax return can't be filed until the relinquished building has been sold or the 180 day deadline (6/10/20) has expired. Therefore, an extension has to be filed. Is my understanding correct? Thanks for your help. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted March 15, 2020 Report Share Posted March 15, 2020 Yes, Extension Quote Link to comment Share on other sites More sharing options...
David Posted March 15, 2020 Author Report Share Posted March 15, 2020 Thanks. Quote Link to comment Share on other sites More sharing options...
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