All Forum Posts by: Nishan Akwalia

I don’t want my wife to be on anything to decrease the amount of paperwork and such she needs to sign. She’s busy as is and I perform all the real estate related items.

Hello

I’m currently in the process of selling a home and am under contract to purchase another home using 1031 exchange.

The home I'm selling is under mine and my wife's name personally. I understand to compete the 1031 exchange the purchase should also be in our personal names. I'd like to quit claim deed the home shortly after the 1031 exchange to an LLC solely owned by myself.

1. Will this cause any tax consequence to my wife? (we file married).

2. Would this cause any tax implication towards a future sale  of the home purchase? Or would I have to quit claim deed it back to our personal names?
3. Would taking a commercial loan on the new home with an LLC be an issue?

Please note I’ve sent an email also over to a CPA but wanted to hear from those that may have been down this road before
Thanks

Looking for a lender with 1% fee or less on the loan amount with 6%-6.5% rate that can provide 75-80% LTV. This would be for a condo (possibly 2).

Even better if able to provide services in Indiana as well.