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One person 1031 Exchange out of a 4 person LLC. Is it doable?
Is it possible for one person to do a 1031 exchange out of a 4 person LLC? LLC was formed by 4 people (25% each) to purchase a commercial property. I am buying out the other three. I can dissolve the former LLC and start a new LLC with new financing, or maybe keep the existing LLC and buyout the other three. We all stand to make a good profit (capital gains) from the sell. Can I 1031 exchange just my profit to reinvest in the same commercial property? Can you recommend someone with expertise in this type of transaction? Is there a better way to use the profit/capital gains and reduce/eliminate taxes on just my share?