1031 What name to buy property in?

[Patrik Kusek]

We are in the middle of a 1031X. My husband and I were on the title and loan for the relinquished property. Do we both have to be on the title AND loan for the relinquished property? or can we be both on title and only one be on the loan. Does it matter? QI says we both need to be on both title and loan, lender says we can both be on title and only one on the loan. Our taxes are filed as married filing jointly. We live in CA. We will be buying in Florida and Indy. 

[Stanley Bronstein]

The Qualified Intermediary works with 1031 exchanges every day.  The lender presumably doesn't. If you and your spouse were on the relinquished property, you should also be on the replacement property as well.

It all hinges on the definition of taxpayer.  If you and your spouse were the taxpayer on the relinquished property, you also need to be the taxpayer on the replacement property.

Here's an online article I found with some info about the debt replacement requirements:

http://www.aptmags.com/blog/1505/1031-exchange-debt-replacement-requirements.html

May I strongly suggest you talk to a real estate tax attorney, or knowledgeable CPA in your area and get appropriate guidance.

The last thing you want to have happen is a defective 1031 exchange.