All Forum Posts by: Reginald M.

@Dave Foster

Are they able to do the 1031 into joint tenants with me? Or can you only 1031 into tenants in common? They want it where if they pass, their interest goes to me. And from what I’ve read, with tenants in common, if they pass, their interest goes to their spouse or something. 

@Dave Foster

You’ve made it very clear for me now. Thank you 

@Dave Foster

I really appreciate you and @Alina Trigub in taking the time to share your knowledge. 

@dave foster 

What if they take title to only one 100-200k property and allow the rest to be taxed accordingly? Would 1031 still protect that bit of investment? Or do they forfeit the exchange benefit because they’re not purchasing as much as they sell?

@Dave Foster

Thanks for your response.

Can taxes be deferred on a portion of your gains? Say if they partner with me and purchase a single family home, would they be taxed on the 100k they put into said home?

I suppose they’re not too concerned with deferring all tax.

I just don’t want them to be taxed on the 100k they want to give me. 

@Alina Trigub

Thank you for your response.

I think I understand now. So with 1031, one can only have taxes deferred when the new property being bought is worth more than the one being sold?

 I’m new to this forum. I’ve read through a lot of helpful information here on the forums and it’s safe to say my mindset has changed. I’m grateful for this community.

Here’s my situation. Someone I know is selling their 20 unit apartment complex. And from the gains they, out of the kindness of their soul, want to gift me $ 100k. I’m 28 with only $5k in savings.! Anyway, they say I could either take the 100k or they could partner with me and put that money towards a local or out-of-state property. If I just take the money they will most likely be taxed on the gains and my reading says they might be taxed on the gift as well if they don’t allow it to be deducted from their lifetime exclusion (2019 is at 11.4 million right now?). 

At any rate I would not want them to be taxed on the gains so last resort would be to accept it as a gift. But I’m unclear if the 1031 exchange will work ? People are saying it won’t if they’re downgrading from a complex to a single family home?

I would really appreciate some guidance for both of us ! Thank you in advance !!!