Have Tax Questions? Ask a Tax Expert for Answers ASAP
A Section 1031 does not apply unless the like properties are being traded directly between the owners of each property. Bringing a 3rd party into this transaction would disqualify you from making any exchanges under section 1031.
If this answer has been helpful,please press the "accept" button. Positive feedback is also greatly appreciated. Thanks for the question and have a great day.
I assume that what you are wanting to do is take the money from the sale of your "loser" station and use that money to repurchase the station that you quit claim to your son. You could do this, but you would end up paying taxes on any gain in the value of the new station you purchased. Your son would also then be liable for any gain he made on the sale.
It would not disqualify you from making the exchange, but it would require a two year holding period . If either party disposed of the exchanged property during the next two years, the transaction becomes taxable.