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Old 11-29-2017, 09:39 AM
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1031 exchange

Hi all,

I have owned a rental house for about 28 years, mostly rented. I plan to sell the house in 2018. It's been depreciated to about $10K over the years. I expect to sell the house for about $100K. I plan to buy another rental within the 180 days for the 1031 exchange. I expected the new rental to be about $200K.

My question is, will the basis of the new house start at $200K or $110K, assuming the numbers above.

Second question, what is my tax liability when I sell the new house?

Thanks,
David



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