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Here is the situation:
1) i purchased home 17 years back in Tx for 45K. Repaid the note. Simply offered for 90K. 45k money gains.
2) my partner owes 45k for a homely house she purchased years back together with her ex. He quitclaimed the homely home to her years ago, before we came across her. She nevertheless has the note with regards to names onto it. He (rightfully therefore) is demanding that she get his title from the home loan, as she ended up being designed to have inked years back.
Am I able to choose the home from my spouse when it comes to 45K, thus satisfying the 1031 change and demonstrably paying off her house?
I’m maybe not on the name, and I also believe it together, community property rules dont apply since we didnt buy.
One, there are associated party rules on exchanges.
Two, a 45k purchase will not match the trade price requirements for a complete trade. You’ll want to obtain a 90k home.
Three, your spouse’s home would also need to be income creating. It can not be your own personal residence.
Plus, you will have had setting the exchange up whenever you sold the initial home while the funds would presently be held by an intermediary.
Hope that can help,
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