Capital gain Transfer ownership from my corp to self

[orchid6856]

Hello , 

I have owned a property since 2015 which was recorded under my corporation .

Last year I closed out the corporation and transferred the property ownership to my personal name . 

The question is , if I sell it now , do I pay capital gain taxes?

[pk]

@orchid6856 , 

(a)  A corporation bought a property / asset in 2015 for US$ X    -- Basis on the books US$ X

(b) 2022, the corporation  was closed --- the property/asset with a basis  of  US$Y ( depends on the use and FMV at the time of closing of the corp.) was  transferred/ sold to the owner of the corp. for  FMV The corp books were closed , final return  filed 

(c) The new owner of the property / Asset  wants to dispose of this property ---- gain/loss and of type is the question.

Your holding period starts from the day the transfer of ownership  was completed.  ---- short term or longterm  will determine whether you get ordinary or capital  tax treatment.   The period the asset was held by the C-Corp does not enter into this picture ( even if you were the owner off the  C-Corp.

Your gain / loss is determined  based on the acquisition/transfer  basis -- generally will be FMV on the date of  transfer --- C-Corp would not have sold/ transferred  at below FMV ( or the difference would be counted  as gift  ( ??? ) .

Does this help ?

pk

[AmeliesUncle]

To simplify pk's great answer:

(1) You/the corporation should have ALREADY paid capital gains when it was transferred to you (the gain from when it was purchased, to when it was transferred to you).  If that was not done, you will need to correct that.

(2) When you sell the property, any capital gain is based on the gain from when it was transferred to you, to when you sell it.