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- 1031 Exchange Vesting Issues in non-community property state
1031 Exchange Vesting Issues in non-community property state
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jw-rogers
Level 3
02-23-2022
06:28 PM
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Wife solely owns rental property A outright, which is exchanged for $327 for Property B (225) and Property C (295). 150 is cashed out on sale of property A. Wife needs husband on title to qualify for a loan. This is in a non-community property state.
Question regarding same name rule given the amount cashed out / relinquished property, is husbands acquisition of interest in B & C okay because the replacement properties exceed the value of the relinquished property and wife would maintain her interest in the exchange and own 67 percent of properties B & C?
So another option is having the husband (co-signing spouse) do so in trust for the Wife and declare the replacement property is separate property.
Any thoughts or friendly advice is appreciated, again non-community property state.
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