1031 title and LLC question
Hi BP,
I know asking a tax question in forums will get a lot of speculation and I am in the process of asking tax individuals, but has anyone dealt with a 1031 exchange that once completed, you moved it to a LLC that's in your name only? If so how many days, weeks, months did you wait to do so? I'm not concerned about the lender calling the loan due by moving a loan into a llc, I just want to know if the IRS requires you to wait any amount of time for title to vest in your name before sending to the llc.
After that question, the follow up would be, once I have it in the llc with me on the llc only, does the IRS require me to wait any amount of time before adding my wife to that llc, giving her 50% ownership?
I'm really just interested if the IRS has time frames for either of the above scenario's. Any advice would be helpful.
Thanks, Greg