Posted on: 26th Aug, 2009 10:51 am
Mother quit claimed property 50/50 to daughter and son in 2003. Son has passed and his share was inherited by his son (daughter's nephew). Property is up for sale and a buyer is ready to settle.
Daughter asking if her 50% share of settlement proceeds can be 1031'd. It is anticipated that nephew will cash out his share and spend it.
Also wants to know if she can 1031 only a portion of her settlement proceeds. For example, say shelter half of her proceeds in a like kind investment and pay taxes due on other half.
Any other issues I might be missing?
Thanks for your comments.
John
Daughter asking if her 50% share of settlement proceeds can be 1031'd. It is anticipated that nephew will cash out his share and spend it.
Also wants to know if she can 1031 only a portion of her settlement proceeds. For example, say shelter half of her proceeds in a like kind investment and pay taxes due on other half.
Any other issues I might be missing?
Thanks for your comments.
John
See if this topic can help
http://www.mortgagefit.com/1031exchange.html
http://www.mortgagefit.com/1031exchange.html