However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

For 20 years I have been in the oil & gas drilling industry.  3 years ago, I became a drilling consultant and started my own business.  

From the time I started the initial consultation, Tommy was very helpful to provide all the information I needed to have before making my decision to go forward with the rental property.

Feel free to DM me if you’d like to do a consult call and we can see how we can help and if it’d be a good fit 👍@Raymond J.

Consult an attorney to review the zoning and see what is possible.

After living through the GFC and the shrinking market for local banks, they saw an opening in the market for what they call "consultative banking" like they had years before and decided to start a bank.

Consult your tax pro for more details or greater clarification, or contact me.

Since regulations frequently change, it’s best to consult a local real estate attorney to ensure compliance.Good luck!

Consulting a tax professional is recommended for accuracy.

Wyoming allows "trust decanting": a trustee can modify or change the terms of an irrevocable trust under certain conditions.Please consult your CPA or attorney before creating any trust.