1031 Exchanges
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1031 Exchanges under LLC
Hello,
So I am a little curious about 1031 exchanges with respect to "step up in cost basis due to death". To explain more, I am set to inherit some property that was correctly put under an LLC and was purchased through a 1031 exchange. It appears if it wasn't under an LLC, it would get a full step up in cost basis at date of death. However, being in a single owner LLC, does this mean it will not get the step up when that owner dies and it passes to beneficiaries? From my understand, it would still be under the LLC in that instance. Look forward to hearing some insight into this.
Thank you,