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Updated about 8 years ago,
1031 Exchange of LLCs advice required
We are three partners. We purchased few rental properties few years ago. We are holding them in three different LLCs. Our membership interests are different in different LLC. Recently we got an offer from a buyer who wants to buy all of the properties as a package deal. It it goes well, it will happen in the next year. Now we are planning to save gain taxes and at the same time to close our partnership as well. We have very good personal relationships with each other. So any kind of internal deal is possible.
Now I have few questions.?
1) If we take full ownership of an LLC individually by exchanging membership interest with others in this years and next year after selling the property, purchase another one as "1031 exchange", will it be an issue ?
2) Do you have any other recommendation?
3) Is there any other way we can save our taxes (other than 1031)?
I will appreciate all of your answers.