Longhorn 1031

Let’s address a very common question that arises about what are the rules I need to follow when identifying replacement property. For this you have three rules that are as follows; The three-property rule allows you to identify up to three different properties within the first 45 days and then close on one, two or […]

Let’s address a very common question that arises about under what name you need to purchase your replacement property. Let’s say you have an entity by the name of Shan & Um LLC, a Texas limited liability company and it owns property that you intend on selling as a relinquished property to 1031 exchange in

Let’s address a situation where the mortgage or debt on your replacement property is lower than the mortgage or debt you had on your relinquished property, what would happen then? Before diving deeper into the above situation, it is important to understand what is “boot”. Boot refers to any “left over” proceeds from the sale

Let’s address a question about when your partner is unable to sign on behalf of the entity, what happens then? Let’s say one of your partners, named T, passed away prior to the closing of your relinquished property and he is unable to sign on behalf of the entity. If T had a will or

Let’s address a very common question that arises after you purchase your replacement property, let’s say you’ve recently completed a 1031 exchange. You sold your relinquished property in Austin, Texas and acquired a replacement property in Houston, Texas and only 6 months have passed since you purchased the replacement property, and you’re thinking about doing

Let’s address the question of whether you can do a 1031 exchange on your second or vacation home in Houston or Galveston, Texas or frankly in any one of these United States. While a primary residence cannot be used in a 1031 exchange as per the Internal Revenue Code, vacation homes and second homes may

Now let’s address a situation where you own a property, in Houston, Texas, under an entity with three other partners, let’s say your name is J and your partners’ names are S, A, and K and the entity’s name is JKSA LLC. The property is about to be sold and you and K would like

  To address a very common question regarding 1031 exchanges, the question comes up that: Can I do a 1031 exchange and purchase the replacement property from a relative or from an entity that I hold some interest in?   Well, selling a property to a related individual is, generally, not an issue with the

When doing a 1031 exchange, a lot of folks tend to explore different avenues of acquiring replacement properties in a manner where they could get at a “lower than market value” price and do a fast closing and they turn towards purchasing properties at a foreclosure event. Then the question ends up being, can they

Suppose you sell a relinquished property for approximately $300,000.00. Can you purchase a replacement property that is valued at $250,000.00 using 1031 exchange proceeds?   Yes, you can, although the replacement property must be equal or it should be higher in value from the relinquished property. It is possible to do a 1031 exchange and