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Updated almost 4 years ago,

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James Roane
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1031: sold in my name. can new property by purchased by LLC?

James Roane
Posted

I recently sold a rental property in my name and put the proceeds into a 1031 exchange in my name. I'm scheduled to close on a replacement property in a month and I'm wondering: 1. is it too late to form an LLC to purchase the replacement property? If not, what are the steps? 2. If it is too late, can I transfer the property to an LLC after closing on the replacement property? How soon after closing? 3. Should most real estate attorneys be able to answer these questions or do I need to find a specialist? My 1031 intermediary simply told me to talk to an attorney. Many thanks to anyone who can offer insight!

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