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Updated almost 8 years ago on . Most recent reply

Surender Singh's profile image
Surender Singh's profile image
Surender Singh
  • from Orlando, Florida
  • Member since May 12, 2017
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Surender Singh's profile image
Surender Singh's profile image
Surender Singh
  • from Orlando, Florida
  • Member since May 12, 2017
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Surender Singh
  • Orlando, FL
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1031 Exchanges

1031 exchanged property want to changed personal ownership to LLC

Surender Singh
  • Orlando, FL
Posted

Hi all 

I bought one commercial rental property by 1031 exchange from residential rentals in 2015.

whole 1031 exchange transaction was smooth, Property is under my and spouse name.

I would like to change to LLC or land trust with same ownership. I am not selling but want to change to different legal entity. Please suggest how I can do or can't do because 1031 exchange. I have to do quit claim deed, will it be considerd as sale and I have to pay all Taxes to IRS which i saved during 1032 exchange.

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