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Old 07-19-2016, 03:34 PM
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Selling of rental

We're getting ready to sell our primary home turned rental property. We haven't lived in the property for 8 years.

The current rental has a contract on it for $238k. After improvements, mortgage payout, realtor fees, we will clear $70k.

The money from the sale will go toward the purchase of another rental property, valued at $80k.

Since the price of the second property is less than the price of the first property, can we still use a 1031 exchange? If not, what are our best options to avoid capital gains tax on the full sale price of the current rental property?



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