Updated over 1 year ago on . Most recent reply
In 1031 exchange can you buy a replacement property with a partner
Hi All, I had owned a property on my own name and just sold it last week and transferred the money into 1031 exchange. I want to know if i can buy replacement property with a partner. I Sold the property for $500K and we want to buy a million dollar property but i don't qualify so i wanted to see if i can have a partner and i have my 50% share.
Most Popular Reply
Yes, but it cannot be in an LLC as then the taxpayer would be different on the purchase side vs the sell side of the 1031 exchange. You could look at going into title as tenants in common where you each own an undivided interest in the real estate. Definitely discuss w your tax advisor too.