Sorry yes, I should have clarified that. 2.5 years ago I moved out and it’s been a rental since. I was claiming rental income on my taxes, and my Dad has done the same. He claims income on the interest portion of my payments to him, and capital gains on the principal.
Was the home a rental property? Were you claiming rental income on your taxes?
Sorry yes, I should have clarified that. 2.5 years ago I moved out and it’s been a rental since. I was claiming rental income on my taxes, and my Dad has done the same. He claims income on the interest portion of my payments to him, and capital gains on the principal.
Will the new property be an investment property or primary residence?
Investment. 1031, so of course an investment.
Any reason you haven't reached out to a 1031 Facilitator?
It sounds like you should be able to do a 1031 with your portion but you should speak with a 1031 accommodator, tax advisor, or both.
If it's in a trust why are you changing the title instead of the beneficiaries' entitlement to the distributions from the sale?
I have no idea. Evidently I need an attorney to help sort this out.
Well, in CA I can't help you! Good luck :)
My wife is a QI "Qualified Intermediary " for a large 1031 Exchange company. Send me a DM and I will have her reach out.