To 1031 or not
We are selling a small investment property which is probably going to close before 12/31/09. If we don’t 1031 it, what are the tax consequences? We should realize a profit of $17,000. We understand that in a 1031, one has to buy a like or higher price property. If we do so, we will not have the money to fix up the next property that we buy. Thank you!