1031 question to Facilitator - Posted by jammer1

Posted by jammer1 on June 25, 2005 at 22:43:43:

Thanks Bill.

1031 question to Facilitator - Posted by jammer1

Posted by jammer1 on June 20, 2005 at 21:53:15:

I live in a home that is owned by a settlor intervivos trust which was created a long time back.

Now I’d like to take advantage of the escalation of market value in the home and make a move, maybe to a duplex or multiplex that would have some income.

My question to a knowledgeable and experienced facilitator is this: When the trust sells for a gain, in order to avoid capital gains tax, can it qualify for 1031 tax deferral procedure?

Re: 1031 question to Facilitator - Posted by William L Exeter

Posted by William L Exeter on June 23, 2005 at 11:45:59:

How is the trust holding the property? Are they holding it as rental/investment? Are they reporting it on their 1041 as rental/investment property? If so, and the property is truly rental or investment property as far as the trust is concerned, then yes the trust can complete a 1031 exchange transaction.

I am assuming that you are the beneficiary of the trust and that you are not paying rent to the trust, so your tax advisor will need to review this area carefully to make sure that the property truly does qualify as rental or investment property.

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