1031 Exchanges
Edward S. Feldman
For those of you tax people – my client sold an investment condominium unit which he owned as an individual. He put the proceeds into a 1031.
He is now being told by the “broker-seller” that he can purchase a parcel of real property in the name of a single member LLC and still get the benefit of the 1031.
He is also being told that he can put in his cash partially paying down the existing financing by about $150,000 and then immediately have that lender re-loan that money back so he takes out his cash.
Both of these sound suspect – but I am not a tax lawyer. Anyone have an opinion?
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