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Updated almost 10 years ago, 03/27/2015
Can I do this without taking a tax hit?
I'm getting close to retirement and have 3 rental homes. The least desirable of the three and the one that rents for the least amount is paid off. The other two still have mortgages. Can I sell the one that's paid off and use the money from the sale to pay off the other two mortgages without taking a tax hit? It's not exactly a 1031 exchange because I already own the other two properties but the money is still staying in my rental properties.