Posted by dealmaker on March 29, 2005 at 17:22:40:
I’m not sure I understand your question. Are you saying that the NAME of the LLC is: 123 Main LLC? So the new place is 678 Maple Drive. It’s only a name! I realize that if trying to use the name of LLC to “identify” which property it relates to this might be confusing. But, AFAIK the “ownership” of the acquired property must be the same as the relinquished.
I faced something similar myself, relinquished a place I acquired when single, obviously my name only. Acquired the new place but now I’m married. No problem, once the 5 years (it’s now our home) are up I’ll add my bride’s name onto the deed, or we’ll sell it and pocket the profits.
BTW, if I’ve misunderstood your question please let me know.
1031 EXCHANGE AND LAND TRUST? - Posted by BILL TAYLOR
Posted by BILL TAYLOR on March 28, 2005 at 14:35:56:
I am about to do a 1031 Exchange with a property that I put into a land trust. When selling this property the funds need to go into the account with the itermeidiary and the next property will need to be purchased in the name of the old trust. Small problem, we have the trust in the name of the old property and I would really not want to use that address on the new property.
Is your old land trust set-up as a fully revocable grantor trust? If so, then it is a disregarded entity for tax purposes if you are the sole member just like a single member LLC. You could sell in your old trusts name and then buy in your name or in a new land trust as long as you are also the only member of the land trust. You must make sure that it is a fully revocable grantor trust with only you as the beneficiary though.