All Forum Posts by: Buddy Holmes

@Thomas Castelli

Thank you so much much for your reply.

@Thomas Castelli

Does that also hold for Depreciation recapture? Half of it is eliminated?

Cheers,

Buddy

@Thomas Castelli,

That is correct.  Thanks for the reply.

My wife and I have completed a 1031 exchange of a property we owned in joint title.  The replacement properties are also held in joint title as required.  In our estate planning the question is upon the death of one of us, the other becomes sole owner but what happens to the property basis?

Cheers,

Buddy

Thanks Dave!

@Dave Foster,

My Assignment closing is a Florida SFR. And the closing company is a Title company. I have done a NON 1031 closing with them in Aug 2017 and they listed the assignment fee on my closing settlement statement ("HUD-1"). This planned transaction is a 1031 exchange and I am being told that 1031 funds can't pay for the assignment fees and I will have to pay that out-of-pocket.

Since I don't know what the fees will be until I sign the contract I am sort of stuck.

Help please

Cheers,

Buddy

Thanks for all the ideas. To give more details I am going to pay cash for this SFR in a 1031 exchange process. I don;t have sufficient unused cash in my SDIRA currently to buy the SFR. I can, if legal, do a refi with the cash in my SDIRA. I would set the interest rate but proceeds would go directly back to the IRA trustee. Is this arms length?

@Dmitriy Fomichenko, It was a Florida SDIRA Trust Company sales rep.

I specificaly set up a 100K SFR purchase with 50K from a 1031 QI and 50K from my SDIRA with their Trust account.

I currently am paying such a mortgage FBO one of their customers.  He did say to fill out one of their forms and submit for approval, so I would think it would not go through.   Most likely just lack of personal knowledge.

Thanks @George Blower

Thanks again @Dave Foster