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? |