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All Forum Posts by: Randy Wieland

Randy Wieland has started 1 posts and replied 4 times.

1031 Exchanges

Post: LLC 1031 exchange after divorce

Randy WielandPosted
  • Posts 4
  • Votes 1

Yup. Totally considering that. 

1 Vote
Peoria, Arizona
1031 Exchanges

Post: LLC 1031 exchange after divorce

Randy WielandPosted
  • Posts 4
  • Votes 1
Quote from @Bill B.:

Randy,


Because your current choice of QI says they can’t help you. Why not switch to Dave, the QI that says he can help you? Stops you from paying one company while the other one does all the work. 


0 Votes
Peoria, Arizona
1031 Exchanges

Post: LLC 1031 exchange after divorce

Randy WielandPosted
  • Posts 4
  • Votes 1

My understanding is that if the LLC has more than one member, as ours does with both husband and wife, that it is a partnership and not a disregarded entity. Am I mistaken in that understanding? Or does your first paragraph address that reality sufficiently? Thank you!!!!!

0 Votes
Peoria, Arizona
1031 Exchanges

Post: LLC 1031 exchange after divorce

Randy WielandPosted
  • Posts 4
  • Votes 1

My wife and I have an LLC. We divorced last year. We are in a community property state. The rental proceeds have been claimed as regular income on our 1040's. We want to sell one of the two remaining properties in the LLC and each do a 1031 exchange. We have owned the property for 39 years. It has been in the LLC for 10 years. The exchange company says we cannot do that unless the sale property is titled in each of our names, not the LLC. HELP!

0 Votes
Peoria, Arizona