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Old 01-13-2008, 07:18 PM
 
Location: Thousand Oaks, CA
75 posts, read 523,310 times
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If I buy an apartment building with an LLC, but I live in the apartment building, is it still eligible for a 1031 exchange? I know 1031 exchanges do not allow personal residences, but it will be owned by the LLC.

Thanks!
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Old 01-13-2008, 08:28 PM
 
69,360 posts, read 56,615,741 times
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Quote:
Originally Posted by Shikaka805 View Post
If I buy an apartment building with an LLC, but I live in the apartment building, is it still eligible for a 1031 exchange? I know 1031 exchanges do not allow personal residences, but it will be owned by the LLC.

Thanks!
If you do this, I would make sure to write out a check monthly for rent, to the LLC, to keep things on the up and up. Not sure though for your answer.
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Old 01-14-2008, 11:55 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 19,538,231 times
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Your rental agreement with your LLC could be for $1 a year. I know I suggested the LLC to you before, but maybe you want to do a Subchapter S corporation. Either can 1031 exchange, but your tax advisor should be able to help you decide which entity you should incorporate as.
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