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I have been teaching <span id="ms-outlook-android-cursor"></span>1031's nationally since 1991. The agent is wrong. Disregarded entities are fine. We do it all the time.
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" style="font-size:11pt" color="#000000"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> on behalf of Schmidt & Yee, PC <syaloha@gte.net><br>
<b>Sent:</b> Monday, January 11, 2021 12:09:52 PM<br>
<b>To:</b> wsbarp@lists.wsbarppt.com <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] 1031 & RLT exchange question</font>
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<div style="color:black; font:10pt arial">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.<br>
Pam Yee<br>
<div style="clear:both">Schmidt & Yee, PC<br>
syaloha@gte.net<br>
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<div style="font-family:arial,helvetica; font-size:10pt; color:black">-----Original Message-----<br>
From: Claudia A Gowan <claudia@cagowanlaw.com><br>
To: WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com>; WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
Sent: Thu, Jan 7, 2021 10:40 am<br>
Subject: [WSBARP] 1031 & RLT exchange question<br>
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<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864">Colleagues:</span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864"> </span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864">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.</span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864"> </span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864">Client held the relinquished investment property in her revocable living trust, using her SS # to file her returns.</span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864"> </span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864">She acquired the replacement property through her single-member LLC – filing as a disregarded entity using her SS#.</span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864"> </span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864">The question is will the 1031 exchange work selling from the RLT with the replacement property purchased by the LLC?</span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864"> </span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864">Thanks very much. Claudia</span></div>
<div class="x_yiv3469576154MsoNormal"><span style="color:#1F3864"> </span></div>
<div class="x_yiv3469576154MsoNormal"><b><i><span style="font-size:12.0pt; font-family:ParkAvenue; color:#1F3864">Claudia A. Gowan</span></i></b></div>
<div class="x_yiv3469576154MsoNormal"><b><i><span style="color:#1F3864"> </span></i></b></div>
<div class="x_yiv3469576154MsoNormal" style="line-height:9.0pt"><b><span style="color:#1F497D">Claudia A. Gowan, PLLC</span></b></div>
<div class="x_yiv3469576154MsoNormal"><b><span style="color:#1F497D">2212 Queen Anne Avenue No., # 338 (Mailing only)</span></b></div>
<div class="x_yiv3469576154MsoNormal"><b><span style="color:#1F497D">Seattle, WA 98109</span></b></div>
<div class="x_yiv3469576154MsoNormal"><b><span style="color:#1F497D">(206) 443-2733 (T)</span></b></div>
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