Q: Options to transfer townhome from C corporation to personal ownership with minimal tax implications.
I am the sole shareholder of a C corporation that owns a townhome in Colorado Springs, purchased in 2016 for $177,000 and now valued at approximately $330,000. Initially a rental property until 2020, I have been living there since then, paying rent to the corporation. Given the limitations with commercial property, I'm exploring options to transfer ownership from the corporation to myself personally, aiming to minimize immediate tax implications. I have not yet consulted a tax attorney but intend to do so, as I am in a financial bind and looking to utilize some equity quickly. What are my options for this transfer, considering the property’s increase in value since purchase?
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