A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

They would get that $500K tax free and the rest of the tax would be deferred in the 1031.A very elegant solution that puts $500K tax free in their hands now. 

For larger buildings with financing, it's worth the administrative burden and the potential for higher churn, just for the sake of preserving occupancy. 

Consult your local CPA to calculate accurately and minimize your tax liability.

In that case you might save taxes building with them.

The promise of accelerated depreciation and immediate tax savings is attractive.

Intangible assets like goodwill or tangible personal property (e.g., equipment) are excluded from 1031 treatment and are taxed separately—goodwill is typically taxed as a capital gain, while equipment may be subject to depreciation recapture taxed as ordinary income.To minimize taxes on the sale of the business, consider strategies such as Opportunity Zone investments, which defer gains until 2026 if proceeds are reinvested in a Qualified Opportunity Fund (QOF), or structuring the sale as an installment agreement to spread taxable income over multiple years.

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

After that is done, head over to IRS.gov and apply for your EIN (Tax ID).

Zero capital gain tax, next to zero income tax, property Tax is super small.