1031 Exchange Question

[Christina Merlo]

Hello. I have a situation that I am wanting to 1031 exchange and I am reading a lot about the process but not sure if I can do it with the property I have. 

I have two sisters and my father left us two houses. It is stated that the three of us own both houses equally. After a decent amount of strong-arming my sisters are making me essentially sell one of the houses to my sisters husband. He is buying two of us out for $50k cash each. We are closing next week. I assume that I will have to pay capital gains taxes on that sale unless it is 1031. My questions are: can I 1031 if I am only selling my "share" of the house to use it for another investment property. And if so, who do I contact to declare this exchange and get it in the works? The title company? I know I need an intermediary to hold the money for me but how does the entire process actually start. Thank you for your help. 

[Bill Exeter]

Hi @Christina Merlo, 

Generally, the person that handled the estate would know.  The person is often a family member, so they may have to inquire with the tax or legal advisor that helped file the estate returns.