Posted by JHyre in Ohio on July 17, 2003 at 06:21:49:
See you in Detroit on the 26th. The answer to your question comes in two parts:
The IRS would disallow the exchange because of the transfer to the LLC; and
Everyone taxpayers have taken the IRS to court on the issue (5 times so far), the taxpayers have won. That gives me a pretty good degree of comfort.
John Hyre
Enjoyed your presentation in Detroit - Posted by Mich_Mike
Posted by Mich_Mike on July 16, 2003 at 07:19:33:
John,
I enjoyed your presentation last weekend in Troy, Michigan. I am also looking forward to seeing you again on July 26th. I have fired up Quick Books and added your material. It looks very thorough and should save me a ton of headaches.
I do have a ? I sold 2 rental properties in My own name (and wife’s). I did a 1031 exchange and am now looking for the replacement properties. When I buy the replacement properties they have to be titled the same as the relinquished properties. Question: Can I quit claim the replacement properties to my LLC after the closing and still maintain the tax-deferred status?
Thanks, I am looking forward to your one day seminar!
Mike