There are 3 safe harbors available to you-De Minimis Safe Harbor ElectionSafe Harbor Election for Small Taxpayers (sounds a bit condescending)Safe Harbor for Routine MaintenanceCheck these out...Frankly given the amount, and what you are doing (low materiality to the plumbing system unit of property), I would expense it.

@Cindy Cheng, Any tax paying entity can do a 1031 exchange. 

When purchasing your mother-in-law's house through seller financing, since the property qualifies as her primary residence, she should be able to exclude up to $250,000 of gains ($500,000 if married) from taxable income, so capital gains taxes are unlikely to be an issue given the sale price is below the tax basis.2.

Hello y’all,I’m going to marry my fiancé in October this year.

(The 1031 requires the same tax payer on both sides, not the same name.)

Under IRC Sec 61, Congress intends to tax all gains or undeniable accessions to wealth, clearly realized, over which taxpayers have complete dominion.Treas Reg Sec 1.61-1(a) provides that gross income includes income realized in any form, whether in money, property, or services.

Lets see , $25,000 to first time home buyers , plus forgiving student dept , nice way to buy votes with tax payers money .

My rural property was bank owner, but since the PO was married when he signed the deed in lieu they needed to go back and get his ex-wife to sign off. 

Partner #2 married couple:  W is the buying selling RE agent on every house in LLC and Husband oversees contractor/project.   

I believe both (married couple) are actively working.