1031 Exchange on Land owned in a legal Partnership
Thirty years ago, my mom and dad purchased a 30 acre piece of land in Huffman, TX with my 2 cousins. They paid $40K for it total. My parents put down the $20K and my cousins paid off the rest in payments.
The title/deed is in my cousin's name. Over the years, my mother 'gave' the property to my brother and I and about 7 years ago, my brother created a partnership to make the ownership legal. At that time, my cousin (whose name is on the title), did a Quit Claim Deed to indicate that we all shared 25% each in the property.
We are currently under contract at $285K and I'm interested in using the 1031 Exchange to defer taxes on my portion of the proceeds (approx. 25% which would be around $60K)
- Can I execute a 1031 Exchange if the title/deed is in my cousin's name?
- Does the Quit Claim Deed mean that I have 'ownership' and can use the 1031 Exchange?
- Can anyone recommend a Qualified Intermediary?
I recently put a down payment on a new construction home that won't be ready for move-in until Dec. 2017. Sale price $360. It will be my primary residence. Would this qualify as a replacement property? If not, I have my current primary residence that I plan to convert to an investment property. Could I put the proceeds to my current, but soon-to-be investment property?
I've searched all over the internet for some insight into this, but figured it was such a specific question, that the Bigger Pockets community was my best bet to finding some advice/answers!
Thanks in advance!