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Updated about 5 years ago on .
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Can I use 1031 to buy properties in my personal name to a LLC?
I own 3 single family houses in my personal name. I just started a LLC and purchased a house using it. If I flip the house in the LLC I should make enough to pay off 2 of my current rentals. Could I use a 1031 to buy 2 properties from myself to the LLC? My goal is to move all the properties out of my personal name into the LLC.
Thanks in advance
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Originally posted by @David Shertzer:
I own 3 single family houses in my personal name. I just started a LLC and purchased a house using it. If I flip the house in the LLC I should make enough to pay off 2 of my current rentals. Could I use a 1031 to buy 2 properties from myself to the LLC? My goal is to move all the properties out of my personal name into the LLC.
Thanks in advance
No for like 10 reasons.
Your LLC = You to the IRS. You can't buy your own properties ina 1031.
Also, a Flip doesn't qualify fora 1031.
