Selling as 'me,' buying as a disregarded entity...

I am selling a property that is in my name but I want my LLC to take title of my new property. Can I do this?

If your LLC is a single member LLC, the answer is yes. A single member LLC is one which has only one member or owner. It is called a “disregarded entity” by the IRS, which means that it is an entity that holds legal title to the property, but is not required to file an income tax return. This means that all of the details pertaining to that property are reported in your tax return since you are the single member.

There are four types of disregarded entities: Revocable Living Trusts, Illinois type Land Trusts, Single Member LLCs, and Delaware Statutory Trusts. The Realty Times website has a great article on this topic.

Remember, the taxpayer that sells the Old Property must be the taxpayer that buys the New Property. Since you are that taxpayer, you may sell the Old Property which is held in your name, do a 1031 exchange, and take title to your New Property in the name of your single member LLC because both properties involve the same taxpayer.