[WSBARP] 1031 & RLT exchange question

[Craig Gourley]

Hi Claudia, It is fine. Both entities are disregarded for tax purposes.

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________________________________
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> on behalf of Claudia A Gowan <claudia at cagowanlaw.com>
Sent: Thursday, January 7, 2021 10:40:21 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>; WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBARP] 1031 & RLT exchange question


Colleagues:



A CPA contacted me with concern regarding whether a client had blown an attempt to do a 1031 exchange. It’s beyond my knowledge but I offered to put the question out to those of you who know much more on 1031s.



Client held the relinquished investment property in her revocable living trust, using her SS # to file her returns.



She acquired the replacement property through her single-member LLC – filing as a disregarded entity using her SS#.



The question is will the 1031 exchange work selling from the RLT with the replacement property purchased by the LLC?



Thanks very much. Claudia



Claudia A. Gowan



Claudia A. Gowan, PLLC

2212 Queen Anne Avenue No., # 338 (Mailing only)

Seattle, WA 98109

(206) 443-2733 (T)

claudia at cagowanlaw.com<mailto:claudia at cagowanlaw.com>



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