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ejalbk: What part of ‘matches requirements’ is unclear? 1031 is not available on your OWN property but on whole or part of property being used as business income (aka rental)

cmu

in General Discussion 9 years and 9 months ago

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cmu | 9 years and 9 months ago

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Wrong on 1031. You can do it on any property which matches the requirements

cmu | 9 years and 9 months ago

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cate, I don’t know either. I normally post what you did about SF (I used to live there) where Tenants-in-Common are commonly advertised in real-estate & treated just like condos. Maybe people are more trusting there, I tried it here 7 years ago & got mostly very wary people mouthing the word ‘lawyer’ before even exploring the options. And the other posters on this thread reinforce this overly cautious approach.

ejalbk | 9 years and 9 months ago

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> @cmu
> Wrong on 1031. You can do it on any property which matches the requirements

If that were true, nobody would ever have to pay gains taxes on the sale of their primary residence. Everyone would just do 1031s into another primary residence. I believe you are mistaken.

nyc_sport | 9 years and 9 months ago

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Ownership by tenancy in common has an awful lot of baggage with it if it is not in a family situation, which is usually where one sees that in NY. While I have not considered this issue since the bar exam a few decades ago, because each tenant’s ownership is not realty (as in a condo) or individual personal property (as in a coop share), a creditor (or beneficiary) of one tenant may be able to force a sale of the entire property to monetize the tenant’s interest. Coops were long disfavored as a means of real property division and ownership outside of NY — this more likely explains the use of other tenancies, which are by no means superior unless you are estate planning.

Also, 1031 exchange by definition applies to investment property and does not apply to a primary residence.