1031 Between Old and New LLCs
Hoping you guys can help me understand a nuance regarding LLCs and 1031s.
I currently own an investment property under a single-member LLC that's treated as a disregarded entity for tax purposes (let's call it Main Street LLC). I am selling this property and using the proceeds to buy another investment property. The issue is that I am planning to buy the property under a new single-member LLC that would also be treated as a disregarded entity for tax purposes (let's call the new one Wall Street LLC).
If the ownership of Wall Street LLC and Main Street LLC are exactly the same (both 100% owned by me, the sole member), does the sheer use of two different LLCs risk triggering any tax obligations or breaching the 1031 code? Or is this fairly standard practice?
For those who are curious, my motivation for using a different LLC name is just so the LLC name is unique to the property and somewhat tangentially related to the address of the new property.
Thanks in advance!