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Updated about 1 year ago,
1031 from one property to another property that I already own.
Hello,
I have a1031 question.
If I sell one of my properties, can I 1031 into another property that I already own in my personal name if I change the ownership to an LLC?
I think if I change a property that I own in my personal name to be owned by an LLC that I own I would have to pay the 2% transfer tax. So it looks like they view that as me selling it from me to the LLC. If I did this would I have to pay capital gains tax on this property?
At the same time could I sell the first property and 1031 into this property I am putting under an LLC?
I apologize that this is confusing.
Thanks Casey