Will adding her to title on the replacement properties (or having her take on debt off these properties) cause an issue with the 1031 that we did, or create a tax liability on the gain we deferred?

Hi all, We purchased a property where the purchase documents indicated we were purchasing the washer and dryer with the building. After taking ownership, we come to find out that the long-term tenants (who are general...

., the definition of a liability.

All policies are different, but generally it is something like this.Homeowners: Covers structure, personal property, and personal liability and legal expenses.Landlord: Covers structure, lost rent due to non-habitability due to covered event, personal liability and legal expenses, and YOUR personal property like a washer/dryer or furniture if you rent the place furnished.

Thanks in advance You put the full market value of your property as an investment asset at the Asset section of your BS and your full mortgage amount at the liability section.

He's more concerned with immediate tax/financial benefits than liability protection.

The cheapest path appears to be to remove the vault door and prevent liability of someone getting locked inside and use the inside as a store-room.

Its not a bad idea to set up LLC as well to limit your liability.  

So instead of getting it as a liability I got it as an asset.

So instead of getting it as a liability I got it as an asset.