1031 Exchange--LLC questions and spouse
Hello BP Community—hoping to get some help here on a 1031 exchange.
I am currently considering selling one of my investment properties that I had purchased prior to my wife and I being married. I am the only one on the deed/title.
Ultimately I would like to get her on the deed of the new property we use the exchange for but am not sure how to do that as I believe it can only be in my name for the 1031 to qualify (at least to start), and just as important, we would like to purchase the new property and put it into an LLC for more liability protection/tax purposes.
Can I put the property into an LLC? Are there any tax ramifications? Does this disqualify the exchange in any way? Any specific steps? Again, I was sole owner and want to make sure I can use an LLC for the property and then eventually get my wife on there as well, maybe through the llc?
Last question! I did create and operate an LLC on my rental I am selling, however I never put it on the deed. I used it for my leases, tax time, write offs, etc. Can I continue to operate that LLC for my new properties vs starting a new LLC? The property I am selling is in Montana, and that is where my LLC is based out of. I ask because the new properties I will be purchasing with the 1031 won’t be in Montana so not sure if that will matter and I will not be a MT resident, only operating the LLC out of MT. Sorry, I know a lot to unpack but hoping someone can assist.