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Updated almost 4 years ago,
1031 Exchange Questions Husband and Wife
My husband and I have been buying rental properties for several years now and are getting close to reaching our limit of ten each. We buy 1 solely in my name and 1 solely in his. When we started this venture about 8 years ago we purchased two properties in both of our names (we didnt understand the Fanny-Freddie rules yet). Those two properties values have risen over 125,000 each and we would like to sell them both and purchase 4 properties with the money in a 1031 exchange.
Our issue here is we are both on the title of the houses, which would be only 2 open mortgage slots. We would like to sell both houses and then buy 2 in my name and 2 in my husbands name. Is this possible with a 1031, do I need a quit claim or refinance before doing this? Any advice would be helpful.
Thanks,
Julie