All Forum Posts by: Jeromy Asido

Hi @Bill Exeter,

thabk you for the reply and guidance.


So the two properties would go on my parents tax return for business income for now, then how many years would you recommend before I can claim the property  under my tax return for rental income?

Thank you again,

Jero my Asido

Hello,

My parents have a rental property for the past 10 years (purchased in 2010). They are wanting to sell it this year, but it is in a trust. They want to sell it for two townhomes where one will be paid off and one will require a loan.

When the replacement properties are purchased, they want to add me to the title of the home as we want to to put it in 3 of our names. We understand that this will be for rental purposes and the townhomes will be for rent. However, one of the town homes will be going on my parents tax return for rental business income, while the other townhome will be going under my tax return for rental business income. 

Is this allowed in a 1031 exchange? As my parents are giving me a rental property for business income.

thank you