1031 Take Title in Different LLC Name

[Brett Grabowski]

I own multiple LLCs. Can I sell property in the name of one LLC and buy and take title in the name of another LLC? They are all single entity

[Dave Foster]

@Brett Grabowski, If all of those single member LLCs have elected to be taxed as sole proprietors and do not file their own tax returns and all activity of the real estate is reported on your own Sched E then you are actually the tax payer for all. And technically it would be allowable to sell one property deeded in an LLC and have your replacement property deeded in the name of a different LLC.

I would always still recommend that you make your deeds match as closely as possibly however because confusion in a field audit is not unheard of. And while you can answer questions sometimes it's better to avoid questions. Sell and buy as the same LLC and then dissolve the LLC later. Or assign the membership interest of that LLC to the new LLC. Or whatever course you and your accountant feel best for your situation.