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Returning Member

1031 Exchange and Title

My wife and I are going to sell an investment property which both of us are on the title, and 1031 exchange it into 4 other properties. Do we both have to be on the title of the 4 other properties, or can one of us on two properties separately (we plan to get loans of these properties separately)? The 1031 exchange service provider said they recommended both of us take the titles of the replacement properties but they said I should check with CPA on this. Thanks a lot!

3 Replies
Level 10

1031 Exchange and Title

Yes you should both be on title and you should check with a CPA or tax pro so the whole deal is done right.

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Level 15

1031 Exchange and Title

Section 1031 says that the taxpayer that owns the Old Property must be the one that takes title to the New Property and report the 1031 exchange on its tax return. is the title held as an LLC meaning that the LLC is the one that must do the exchange?


Level 15

1031 Exchange and Title

Be advised that the TT program cannot handle this 1 for 4 situation  so you will need to employ a local tax pro so this can be done correctly on the return for the year of sale.   Also make sure that you use a qualified third party intermediary because if you touch one penny of the funds the 1031 exchange will be voided.  

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