1031 Exchange - Dissolving LLC and Reinvesting the Funds Personally
Greetings - looking for some guidance on a situation:
Currently myself and 2 other business partners own a property in an LLC (33% ownership each).
We will be selling the property for roughly $4M, and then dissolving the LLC following the sale. For simplicity sake, lets say the sale nets $1M total or ($333k each) before capital gains taxes and recaptured depreciation.
Is it possible to take my portion of the proceeds ($333k) and reinvest it into another property on my own via a 1031 exchange? I know typically that title to the new property would remain with the existing LLC, however since we will be going separate ways and dissolving the LLC, I am trying to find a way to avoid the capital gains and depreciation recapture for myself personally.
If it is in fact possible, how does title work for the new property? Along with the purchase price and debt requirements on the new property?
Thank you in advance!