I've already decided (after consulting with a tax expert) that the like-kind exchange doesn't meet her needs. So, I'm waiting on a lending officer from one of the Hawaiian banks to get back to me with answers to a number of the questions I've posed on this board.How and when did your niece come by these properties? From your OP I gathered that she recently inherited them, but if the tax expert you consulted didn't tell you that all of the depreciation is wiped out and the heir starts with a clean basis equal to FMV at the date of death, I must have misunderstood.PhilRule Your Retirement Home Fool
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