All Forum Posts by: Ashish Shah

Hello @Dave Foster 

while doing the 1031 exchange we had worked with an attorney and understood some of it. But also CPA was unavailable during the month we got into it. Thanks for your responses. '

We did not do a full exchange, 2 properties in sale were 687K and our replacement property was 487K so we kind of have that 200K and also each property had around 85K of mortgages. 

So we understood that we might have some tax liability from the above as well but since we were out of 45 day window that was the best possibility. 

If someone has further way to save us taxes on the above scenario, do let us know and we are willing to pay for consultation regarding the same and structure it further. 

Thanks again 

Ashish Shah

Hello everyone, 

I have already contacted with my CPA to discuss this but I wanted to check how can I get a correct advice here. Lot of professionals don't seem to have the full range of knowledge on this. 

Ashish Shah

thank you all for the responses. 

1. In #1 above, the partner just doesn't want to get into commercial liabilities and hence will execute the quit claim deed. So there is no cash out for him. So seems with the quit claim shouldn't be any problem. 

2. On the refinance, once we get cash out for other projects, can the money deposited to one of the partners. It has no bearing on his exchange but we would do refinance on this for anther project and might deposit with one of the 4 active partners on that project. So would a refinance cash out be linked any way o a 1031 exchange earlier ?

Dear 1031 experts,

We just completed a 1031 exchange from 2 properties sale into 1 commercial property. The deed of new property and 1031 exchange were set up correctly with the owners from the 2 properties being reflected correctly on the deed of the relinquished property. So all that went ok and now we have the new property with the deed setup etc. and closing went smoothly. 

One of the partner wants out of the new property that we acquired. He is ready to do a quit claim deed as he doesn't want to do a refinancing and be part of the loan on the new property that we are taking out. 

My question is does this 

1. Quit claim deed on the new property (already bought as exchanged property) violate any 1031 exchange rules we have setup / done earlier ? How soon someone can do a quit claim deed 

2. Does refinance on the new property trigger any 1031 exchange violation and how soon can we do refinance ? Does refinance have to be distributed to each partner proportionately or can one partner have it if the other partners gift their part. 

thanks and I see many great questions answered here. I highly appreciate your time on answering my questions.