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Updated 10 months ago on . Most recent reply

Tim Gara's profile image
Tim Gara's profile image
Tim Gara
  • Real Estate Agent
  • from Gilbert, AZ
  • Member since Mar 10, 2019
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Tim Gara's profile image
Tim Gara's profile image
Tim Gara
  • Real Estate Agent
  • from Gilbert, AZ
  • Member since Mar 10, 2019
Connect
Tim Gara
  • Real Estate Agent
  • Gilbert, AZ
1
Votes |
3
Posts
Tax, SDIRAs & Cost Segregation

1031 Mortgage Boot multiple owners

Tim Gara
  • Real Estate Agent
  • Gilbert, AZ
Posted

I own a building with another LLC as Tenants in Common. My LLC owns 70% and the other owner's LLC owns 30% deeded as TIC. We have a loan of $1million and both LLCs named on the loan although it's not specified 70/30 on the loan docs.
When we sell and roll proceeds into separate 1031 projects how is the mortgage boot calculated? Do I have 70% of debt and he has 30% debt, or is it 50/50 or does he have a million dollar mortgage as do I? 

Chandler, Arizona
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