1031 probate exchange help

[ron8474]

Hi all,
I got your awesome website name from a friend. Just in time as I have a difficult question. I have a condo in Dallas that I want to 1031 exchange. My mom passed away a few months ago. The estate is still in her name. The condo is in my name. There are no other heirs to the estate.?Can I put her home on the market, and buy it with the 1031 exchange? Or can I sell her home to a friend for fmv and then do the 1031 exchange with him? Is this legal? How are taxes affected? I am the executor of the estate. Thanks for any help or ideas. The purpose is to rid myself of the condo and roll over the 60000 of depreciation. Thanks I need help

 

[Onward]

I don't understand. If the condo is in your name, you already own it.

 

[ron8474]

I do own the condo, I want to get rid of it using a 1031 exchange

 

[avgguy]

1031 has to be a like kind exchange. So if you currently rent the condo and 1031 it for the house you would need to rent the house the same way you did the condo.

 

[ron8474]

I would. However I think I just answered my question via the irs rules: The irs
catchall anti-abuse provision causes many related party 1031 Exchanges to fail and is often misunderstood or overlooked. Transactions structured specifically for the purpose of avoiding income tax liabilities (income tax avoidance or tax evasion) utilizing a related party 1031 Exchange structure will be disqualified by the Internal Revenue Service