|
In January, I sold a property that was titled only in my name, and the proceeds are being held by a qualified 1031 intermediary.
I would like the replacement property to be titled to my single member LLC, which I recently created specifically for the purpose of holding my investment real estate.
I read somewhere on the internet that the 1031 replacement property must be titled just like the sold property, with the exception being a single-member LLC, which would be tax neutral.
Can someone please advice me whether this is correct and is within the IRS 1031 rules, and if I title it this way that I will maintain the 1031 exchange benefits?
Thanks,
Ben
benandglenda@comcast.net
BTW the properties are in Birmingham, AL. I presently live in SC.
|
Favoured: 0
