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You have given me a path to follow until I get the correct values and what depreciation means... adding or subtracting... Capital gains Federal Tax Brackets and where we fit in... 1031 exchange information... Etc...

I have learned a lot from this discussion and you are all appreciated for your buy-in to these questions. I'll find a way to get this figured out in detail correctly with all of your guidance. It sure has opened my eyes about the need to get things nailed down before selling.

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To what's been said already, I'd add one more: If you're interested in doing a 1031 exchange to defer a realized gain, alert your broker (and thereby, a prospective buyer) to this fact before signing a boilerplate broker's Offer-to-Purchase contract. You'll want to have your own lawyer involved in the process before accepting an offer. You'll also want to have a pretty good idea for what you want for a replacement property.

Bill
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