Updated almost 7 years ago on .
Most recent reply
presented by
1031 Exchange across States
I live in California and want to 1031 my investment property in Memphis, TN to buy my brother’s investment property in Houston. I currently own 2 other properties in Houston and want to consolidate my portfolio under one property manager who I like. BP community- please refer me to a good 1031 intermediary who can manage this complex process. Thanks!
Most Popular Reply
I did something very similar (a 1031 property of mine in Ohio exchanged for my Mother's property in California). Her California rental property was right across the street from my California primary home, and she lived in Ohio about 5 miles from my rental property. Good business purpose for sure.
Its actually very simple and no Q.I. was even needed (i.e., it was a true like kind exchange where we did a remote over the phone simultaneous signing of the docs).
When I did it (2011), we had to check a box on our respective 1040's that we engaged in a related party 1031 and agreed to comply with certain minor holding period rules, but nothing really of any significance.