Discussion:Property titled wrong
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Discussion Forum Index --> Basic Tax Questions --> Property titled wrong
Discussion Forum Index --> Tax Questions --> Property titled wrong
| 8 January 2008 | |
| A rental property was suppose to be titled in the corporation name. However, the attorney titled it in mine and my wife's name. The income, expenses and depreciation for the rental property was claim on the S corporation and the proper K1s distributed to the stockholders. The property was claimed on the S Corp. return for 9 years. The property was sold in 2007 and the mistake in title was discovered. The title company will not put the S Corp. EIN number on the 1099 but instead is using the taxpayers social security number. How is this handled on this years return? | |
Tonymontana (talk|edits) said: | 8 January 2008 |
| Have you asked your Tax Advisor? | |
| 8 January 2008 | |
| I would maintain that you were nominees for the corporation. It appears that there should be no tax effects but plan on an extensive explaination. Let your own tax advisor steer you through the mess. | |
| 8 January 2008 | |
| I have asked my tax advised, he was not sure how to handle it. | |
| 8 January 2008 | |
| Read the article linked to on the home page of this site regarding beneficial ownership. That should address your situation regarding the sale.
Beneficial ownership is a concept that some accountants aren't familiar with, even though they should be. As far as the incorect 1099 goes, though, any tax advisor should know the procedure for how to handle that. That is pretty basic, so you might want to reconsider if he doesn't know that one. | |
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