Selling Property Assigned To Land Trust
Hello,
I am about to sell one of my income property (Single family house) with LT holding the title and the beneficiary as LLC (not recorded but notarized). I would like to do a 1031 exchange and turn it into a commercial property or a 4^plex.
My Question is can I use the LLC to be the seller or I have to use the Trust to be the seller??
Thanks for all your help!!
MASATAKA:
Ka Ne She Wan...domo Mori goto
First try locating a QI (Qualified Intermediary) to get the Best answer...
I would assume that the TRUST is the SELLER and the LLC is a Co-Owner of BENEFICIAL INTERST within the Trust has the ability to 1031.
Again not certain if the above is K-rekt but do investigate ...I am sure you'll find that your plan is doable. Hope this helps!
Happy Investing!
Derrick Ali :-D
Hello DerrickAli
Thanks for the reply!! Will start talking to QI/ gent now.
domo arigato
domo arigato
(smile)