1031 on an LLC and transferring to own name

[Jerry Daily]

I currently own a property in an LLC and a separate rental in my own name. I am planning on selling the property i own with my LLC and doing a 1031 to purchase another property. However, I was wondering if when I buy the next property I can just do it in my own name and get rid of the LLC. I am the only member on the LLC, I am married but I would buy this next property only under my name if it avoids complicating anything.

Here are some of the reasons for this: i had an insurance claim with my LLC about 5 years ago and now my insurance is through the roof, interest rates are slightly higher i use the LLC because I will be getting a mortgage. I am also thinking there may be tax advantages because both of the properties I currently own and rent make a considerable amount of money that after all deduction, depreciation etc. I still pay a fair share of taxes. This next house will have a large mortgage and will definitely show as a loss on paper. I am wondering if some of those losses can offset the gains of my current property.

Current Situation:

One house owned by self: 600,000 (has small mortgage)

House owned by LLC: 350,000 (does not have mortgage)

New purchase made by self using 1031 exchange from LLC: 600,000 (mortgage around 300K)

[Jerry Daily]

Thanks Bill, I file the taxes all together. I don't have a QI, I will reach out to Dave. 

I am not selling the house I have that is 600K, just the one the LLC owns that is 300K. But i do appreciate that scenario and information.