[WSBARP] 1031 & RLT exchange question

[Schmidt & Yee, PC]

I just did a similar transaction last October and the 1031 exchange agent required that we had to transfer both pieces of property to the client's name individually stating that the 1031 exchange rules required that the entities had to match exactly, despite the LLC being disregarded for tax purposes on the LLC and the Trust using the client's SS#.  Better call the exchange agent.
Pam Yee
Schmidt & Yee, PC
syaloha at gte.net


-----Original Message-----
From: Claudia A Gowan <claudia at cagowanlaw.com>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>; WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Sent: Thu, Jan 7, 2021 10:40 am
Subject: [WSBARP] 1031 & RLT exchange question

 <!--#yiv3469576154 _filtered {} _filtered {} _filtered {}#yiv3469576154 #yiv3469576154 p.yiv3469576154MsoNormal, #yiv3469576154 li.yiv3469576154MsoNormal, #yiv3469576154 div.yiv3469576154MsoNormal {margin:0in;font-size:11.0pt;font-family:"Calibri", sans-serif;}#yiv3469576154 span.yiv3469576154EmailStyle17 {font-family:"Calibri", sans-serif;color:#1F3864;font-weight:normal;font-style:normal;text-decoration:none none;}#yiv3469576154 .yiv3469576154MsoChpDefault {font-family:"Calibri", sans-serif;} _filtered {}#yiv3469576154 div.yiv3469576154WordSection1 {}-->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         www.seattletrustsandestates.com    Recognizing the risk of coronavirus for our clients and colleagues, we are working remotely. Our direct email and telephone contact information, which has not changed, along with  a  permanent mailing address is noted above.    ***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***

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