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Updated about 6 years ago on . Most recent reply

User Stats

16
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0
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Darlene S.
  • Investor
  • Northern Colorado, CO
0
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16
Posts

1031 exchange selling property in an LLC question

Darlene S.
  • Investor
  • Northern Colorado, CO
Posted

I am in a 2 member LLC (husband and I) for which we file a partnership return the K-1 information is then reported on our joint tax return. We would like to sell property that is in the LLC. I have been told to sell and purchase in LLC. However now the mortgage specialist says that I need to quit claim before I sell property because it would be difficult to get a loan through the LLC to purchase new properties. 1031 specialist says whatever we do don't quit claim or it will risk the 1031 exchange. All I want is to be able to do a1031 exchange and not be in a position at the end of the whole process to discover it was done incorrectly and that I am liable for all my capital gains that I am trying to avoid. Anyone have suggestions? We cannot be the only one who has done this before. I do not want to reinvent the wheel.

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