Question about trusts

7 Replies

Can you sell property that you have in an irrevocable trust?

When I first started I was advised to put my properties into an irrevocable trust rather than create an LLC. Not knowing any better that is what I done. Now I have a home that I would like to sell that's in my irrevocable trust, can I list it with an agent and sell it?

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Originally posted by @Jacob Graul:

@Gary L Wallman can I roll It into another property?

 You may do either a 1031 exchange or purchase a new property outright.  Either way the new property will remain owned by the trust.

@Jacob Graul Any tax paying entity can do a 1031 exchange including an irrevocable trust.  Because the trust has a TIN and files its own tax return it must be the entity that sells, performs the 1031, and purchases the new property.  Not necessarily a problem in and of itself but financing can be a bug a boo.