Posted by Chad Theule on December 08, 2004 at 22:58:45:
We are in the same exact situation John and Ben. Exactly. I am on the
receiving end and desiring to take 1/2 ownership of a rental that is
currently a 1031. Any further advice would be much appreciated.
Chad
Transfer 1031 to LLC - Posted by Ben
Posted by Ben on September 12, 2004 at 22:52:14:
Hello,
I recently sold a property and because I did not want to pay tax, I 1031ed it into other property investments. Since doing this I have formed an LLC with a partner. All of the buildings are still in my name, but the partner matched my contributions with cash to do renovations. I would now like to transfer the properties to the LLC and I am wondering what is the best way to do this, Quitclaim or Grantors Deed? Also will there be any taxes due because of the 1031 exchange being in my personal name? Can I do this transfer myself or do I need a lawyer or RE agent?
Thanks
Re: Transfer 1031 to LLC - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on September 16, 2004 at 17:11:20:
Addressing the tax issues - if you contribute property to a partnership and your partner contributes cash, you will need an accountant who is very strong dealing with IRC Section 704(c)and allocations between the partners.