I'm planning to sell a rental property I've held since 1992. I am a real estate agent, so know enough to be dangerous here...I am planning to do a 1031 exchange to avoid capitol gains and depreciation...mostly depreciaiton. Ultimately, I'd like to exchange for a "fixer upper" similar type property. Fix it up, rent it out short term (if that's even necessary) and then sell it within several months in order to net out my equity. (Then stock market here I come!) If I'm thinking correctly, I'll still have to pay captial gains, but will not have to pay depreciation? I'm hoping someone can confirm that with me. Also, are there any good reading materials on this subject. Most people in my industry are fairly clueless about the whole deal, and even qualified tax people seem hard to find. Any help for more information would be very very welcome.
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