Hi all,
Have a rental under contract where my parents bought out a partner long ago before the property became a rental for a 50% interest. I have claimed income, expenses, and held all loans 100% on tax returns since my parents acquired their interest. They have not been involved at all. We are selling and doing a 1031 but it has complicated matters with my parents on the title because I have a second 1031 rolling (parents not on that title) and want to combine proceeds into a single replacement. I'd rather not do two individual replacements with the timing working out perfectly. My parents have no issue doing a quick claim deed although it might clog up timing on title work with the sale.
Have a meeting with tax attorney later this week but wanted to see if any folks have had similar experience and can share success or horror stories.
Thanks
