What happens to your LLCs after using a 1013 Exchange for a trade-up??

[Mohammed Milord]

Let's say you own three rental properties, and each property has its own LLC. What happens to the LLCs if you decide to trade the rental homes for an apartment building using a 1031 Exchange? Are the LLCs not under your control anymore or do you still have to dissolve them after the trade? Any clarification would be greatly appreciated.

[Russell Brazil]

The person/entity selling the old property, in your case the LLC, needs to be the same person/entity buying the new property. Remember, if XYZ LLC sells the property, they are ethe owner. You are not the owner. Joe cant sell a property and 1031 and Fred by the new property. Has to be Joe to Joe, and XYZ LLC to XYZ LLC.