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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10220
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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Can brothers and sisters exchange real estate properties

Customer Question

Can brothers and sisters exchange real estate properties thru a 1031 exchange after they have received real estate from their deceased father? What are the general rules and guidelines to prevent tax from triggering?
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 month ago.

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Expert:  CalAttorney2 replied 1 month ago.

Yes, it is possible for siblings to utilize the 1031 exchange through what is called a "related party exchange" (see:

However, I would strongly recommend that you meet with a competent tax attorney (not just an accountant or CPA) to help you plan out your transfer here (you have both estate tax issues and the 1031 exchange in which you are going to be navigating liability and your end goal is going to be your ultimate "after tax return on investment" - which an attorney can assist you in planning as part of your overall finances, not just limited to trying to identify how to transfer a single property (any professional that tries to help you transfer a single property or perform a single transaction for tax purposes is not doing their job all the way - tax liability is always part of your overall financial picture and reducing your overall tax liability - and again, in your case, you need a specialist to help you navigate this one).

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