Tax implications of transferring from C corp to a personal name?

[Iryna Zhuk]

Hello, looking for some advise. I purchased a Miami condo in my name, then transferred it to a C corp last year (I am the owner). Now looking to transfer back to my personal name. Any tax implications? 

Is it better to sell under Corp or under personal name? To further complicate this gas I am Canadian living in US on workVisa.  Would appreciate advise or referral to a good accountant. 

[Basit Siddiqi]

@Iryna Zhuk

Hi Iryna - It is normally not advised to hold property that tend to appreciate(ie. real estate) within a corporation. The good thing if any is that you caught the issue quickly.

Is the condo a personal residence or an investment property?
What is the basis in the property?(purchase price + improvements - depreciation)
What is the Fair market value of the property now?
Did you file a 2017 tax return for the corporation?

Do you also plan to go back to Canada anytime soon?
There are qwerky rules for internationals investing in the United States