Tax issues on corporate owned property
Hello all,
I have a dilemma involving tax issues on a property I own.
In 2010, I purchased a single family residential property. It was purchased by my (solely owned and managed, I have no other employees or officers) Tennessee C-corp, so the deed is titled to my business. In 2011, I moved into the home to renovate it. One thing turned into the next and here I am, still living in it in 2018. Within the next year or so, I would like to sell it and I don't have a clue of the tax implications.
My c-corp is still active with the state, however I have not conducted any other business under that name for years and no longer have a bank account under that name, though I suppose I can always open a new one. I have lived here since 2011 as my personal primary residence, so going on 7 years, however the deed is titled to my business.
How should I proceed when I am ready to sell this property? Should I sell this property under the currently business deed-ed name, pay capital gains taxes on the sale, transfer the funds to my personal account, and then close down the business?
Should I quit claim the deed to my personal name or spouses name to first the deed out of the business, and then sell it?
Is there a way to way to do the 1031 deferred tax deal, where I could sell this property, defer the taxes by purchasing a different one? Is this possible only under the current business and not a newly created one? (The deed is titled to a Tennessee corp, I would like to move Florida and create a new corp, dissolving this current one.
Does anyone have any suggestions on what to do? What is the best route to proceed?
Thank you for your time.