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kimroger
New Member

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

 
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SweetieJean
Level 15

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

Yiou cannot defer the capital gain, since you are not doing a Like Kind Exchange.  A rental cannot be exchanged for a personal residence.

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5 Replies
SweetieJean
Level 15

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

Is it a rental property?
kimroger
New Member

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

Yes.  It is a townhouse that my parents originally purchased (my parents continued to live there after transferring title to my brother and me and paid monthly rent).
SweetieJean
Level 15

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

and did you do a 1031 exchange for another rental property for which you are the sole owner?
kimroger
New Member

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

Thank you.  I have not yet completed the purchase for the other real estate property (which I intend to use as my primary residence).  I have also not yet signed the contract to sell the current property that my brother and I own.
SweetieJean
Level 15

My brother and I own residential real estate that we are selling.How can the capital gains be deferred if on the new property purchased,my brother is not listed?

Yiou cannot defer the capital gain, since you are not doing a Like Kind Exchange.  A rental cannot be exchanged for a personal residence.

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