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Updated over 1 year ago on . Most recent reply presented by

Darren Lam's profile image
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Darren Lam
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Darren Lam's profile image
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Darren Lam
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Darren Lam
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1031 Exchanges

Going separate ways with 1031

Darren Lam
Posted

My brother and I recently inherited a property and we are looking to sell it. We own 50% each but want to invest separately moving forward. Can we both do our own 1031 on separate properties? Or can I do a 1031 and he just pays his taxes on his half of the sale

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    Account Closed
    • from Manhattan Beach, CA
    • Member since Mar 18, 2021
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    Account Closed
    • from Manhattan Beach, CA
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    Account Closed
    • Manhattan Beach, CA
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    Account Closed
    • Manhattan Beach, CA
    Replied

    If you recently inherited the property from a family member, you may have received a step up in basis and wouldn't have a tax liability. Consult your CPA. You may not have to do a 1031 at all

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