1031 and trust

[Ana Vhan]

I have  a peculiar situation. Me and my husband have a trust and so far we have put all our assets including homes under this trust. 

We have a property outside this trust that is only on my husband's name (we couldn't buy it on both of our name due to my unavailability at the time). Now we are selling this property and buying new one under 1031. I have a couple of questions below. 

1. Do we have to buy the new property on my Husband's name or can it be bought on both of our names?

2. If the new property has to be bought only on my husband's name, can we add it to the trust after the 1031 exchange is done? If yes, is there a wait period before adding the property under trust.

3. If the new property cannot be added to trust immediately, how do we ensure that me and my child is the beneficiary on the property in the meantime? is there a way during the purchase process where beneficiaries can be added?

Thanks, 

Ana

[Dave Foster]

@Ana Vhan, exactly what @Jon Taylor said.  If you file a joint tax return you are considered the same tax-payer.  You can sell as your husband and buy as both of you.

If your trust does not file its own tax return then activity of the properties in the trust is reported on your joint tax return.  So again you are seen as the tax-payers together.  In this event, you could sell as your husband and buy as both of you or as the trust.