Best thing to do after owning a rental for 30 years

[Liz C.]

Hi all , Just curious for those who already own a rental for 30 years plus , I undestand when you sale it will be a huge tax bill to pay. What do you do after owning the property for 30 years? Still renting it out and pay 35-50% tax on it end of year or there is better way to approach those? Thanks

[Dave Foster]

@Matt H., Claro - Yep the refi to purchase would have the interest expense as well as new depreciation.  

Helping a gentleman buy a NNN pharmacy building right now. 20 year lease he'll never see the end of. But cash flow till he dies. His grand kids get the property then and never a penny in cap gain tax because he's 1031d along the way. That's retirement, estate planning, and tax mitigation all in the same package.