All Forum Posts by: Kevin Schlomo

 Thanks Jasmine.  Just sent you a request.

@Dave Foster thank you for your helpful reply.  The new property will surely be higher priced than the old one, so that is promising.  I will have to find another accountant who is more versed in 1031.

Is there a specific type of accountant that specializes in real estate investment and transactions?

Hi, I'm hoping some can give let me know if this is possible.  Until a few days ago, I had never heard of a 1031 exchange.

I have an investment property in my name I will be selling specifically for the purpose of helping my sister purchase a property of her own.

I was going to sell it then hand over a check to her and let her do what she likes with it under the condition that it is for a place she can live in.

It was suggested in a recent conversation with a real estate investor friend that I do a 1031 to avoid paying taxes so my sister can have a larger amount to work with. If I purchase the new property along with my sister, then do a quit claim deed transferring it over to her after closing, it should be possible.

 I contacted my account and was told it is not possible to do unless I am the sole owner on the deed.

Which is true? Is it possible to do a 1031 exchange and add a new owner to the new property?

Thank you.