Answer
Apr 17, 2025 - 12:46 PM
Okay, so if you own an apartment building with two siblings and you do an exchange, you have what's called continuity of title. So if you are in one LLC, you can exchange and each pick properties that in the LLC you actually have to do some extra paperwork saying that this one actually, when we break away, this one's mine, this one's hers, this is his. kind of thing. So you have to be careful. If the ownership of the property is shown in three different tax ID numbers, one for each sibling, you can exchange and go different directions. But if it's an LLC, that LLC tax ID number has to be consistent with what you purchased. So you're going to have to stay tied together for two years. But your operating agreement can show, well, the income from this property goes to this person, income from this property goes to this person, and then a third. So you have to talk to your tax professional on that. But set up time with me, and I'll talk to you through that.
