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Updated about 4 years ago,
1031 - Transfer Title to LLC - Timing?
I’ve searched the forums but can’t find an answer. I’m hoping a season investor or CPA can chime in.
I currently hold title in my own name and have a mortgage in my own name. I'd like to sell my property in a 1031 exchange and hold title on the next property in the name of my newly formed LLC. Can I do this by completing a quit claim to the LLC before sell the initial property? Are there any adverse tax consequences to doing so since I've taken depreciation for 3 years already? Or is the tax deferred as it would be in a traditional 1031?
Additionally, would you recommend a quit claim before or after the 1031 exchange is complete and why?