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Updated over 6 years ago on . Most recent reply
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1031 Exchange and Trusts
Hi BP Friends,
I'm doing my first 1031 Exchange, and I need some simple help from those of you with experience.
The house I'm selling was titled in my name. My wife and I recently setup a trust (based on my social security number), and would like buy the replacement properties and keep them in the trust. Can I title the new properties directly into the trust, or do I have to title them as me, then transfer them later?
Any advice would be great.
Thanks
Most Popular Reply
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Thanks @Scott Williams. From what I understand, I should be ok if I list the property as "xxx and yyy, trustees of the trust, as MY sole and separate property", then the ownership still stays with me and my social security number, even though it resides within the trust. (where xxx and yyy are me and my wife, and MY is replaced with my name)