1031 Exchange North Carolina

[Lisa Sessions]

Hello

We are looking to list our duplex homes in North topsail Beach North Carolina. With the CMA the realtor just provided to us, we may have over 350k in capital gains if each home sold for about $430k. I own this property with my sister and brother-in-law. Here are my questions

Am I still able to do a 1031 exchange, if they do not do one?

Any recommendations of a qualified intermediary in North Carolina. I’m thinking of exchanging outside of NC and maybe multiple properties.

I understand I have 45 days to identify up to three properties. How would that work if I was the only one doing the exchange? Do I look for homes that equal the sales price estimates at $431k or only my portion of ownership?

[Wayne Brooks]

@Dave Foster can help.

[Jeff Nash]

@Whitney Nash can help as a QI and I would be happy to discuss too as needed. 

[Chris T.]

I second @Dave Foster.  I have used him and his team for 3 successful 1031 exchanges (all in the Carolinas).

[Dave Foster]

@Lisa Sessions, As long as you are all on the deed as tenants in common you can separate your percentage ownerships at closing.  You can do an exchange on your % and they can do an exchange on their %.  Or they can take cash and pay the tax.  No problem at all.If the property is held in an entity it becomes a little more complicated.  

If you are exchanging 50% of the property then your reinvestment target to defer all tax would be 50% of the net sales price.  And you would have 50% of the cash to use in that purchase or purchases.  - Only your % ownership.

I appreciate the kind words here.  We do exchanges in NC and nationwide.  I'll reach out via pm to discuss.

[Dylan Speer]

Have you considered exchanging into a DST?

[Mark H. Porter]

Quote from @Wayne Brooks:

@Dave Foster can help.

Yep, Dave and his team have been with me for the last couple of years and always do a great job.