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Updated about 1 year ago,
1031 Exchange Questions Husband and Wife - Looking for CPA
I am looking for a knowledgeable CPA who can provide clarity on the following situation:
My husband and I recently sold a house, which was solely in my husband's name. We are now in the process of purchasing a motel, and we wish to have the title of this new property in both of our names. Ideally, we would like to hold the title as a "husband and wife LLC."
Our 1031 exchange intermediary informed us that transferring the title in this manner might not be feasible. This advice seems to contradict information I've come across in other forum articles, particularly insights shared by @DaveFoster. According to what I've read, a husband and wife are often considered a single taxpayer entity, which, in my understanding, could potentially allow for the kind of title transfer we're envisioning.