By filing an extension for S corp does it affect a 1031 transaction? Does it make it taxable?

[Nile]

Client is out of town and would like to file an extension for S corp, but worried if his 1031 transaction that was completed in 2018 will be taxable if it is not filed by 3/15.

Any help is appreciated

[IRonMaN · Accepted solution]

I don’t think filing an extension is going to change th taxability of a tansaction done during    the year.

[Just-Lisa-Now-]

@Nile why would you think it might make a difference?  I'm more curious as to the thought process behind this idea.

[IRonMaN]

It’s the client that is worried :smile:

[Nile]

It was mentioned to my client by the Company that handled the 1031 exchange.  If he doesn't file the return on time then he can lose the benefit.

[Just-Lisa-Now-]

An extension moves the date for timely filing.