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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.

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.

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