1031 2 properties at same time

[Joseph Shapiro]

Hiya team!

I have 2 properties that are about to be sold. One is in the name of a LLC, the other in my personal name.

Can I 1031 both into a new property that I would like to buy?

Thank you.

[Dave Foster]

@Joseph Shapiro, Yes, there's a couple of ways it could work.  

1. If the LLC is a regarded entity (it files it's own tax return) then you could combine the two exchanges and on the purchase you and the LLC would take title to the new property as tenants in common. After that is complete you can work with your accountant to combine them into one entity if you want.

Or 

2. If the LLC is a disregarded entity (you're the only member and it does not file it's own tax return) then all of the activity of both properties is on your personal tax return. In that event you can sell one as yourself and the other as the LLC and purchase the new property in it's entirety as either yourself or as the LLC.