LOLBUT for all you married people in community states you CAN title your property so that there is a 100% step up on the death of one!

I would love to talk some more to no bore everyone in here to death. 

Your accountant hones this down and creates a new depreciation schedule for the additional property using the 8824 as the basis for creating the new reporting.Bottom line - as long as you purchase at least as much as you sell and use all of the cash proceeds in the next purchase or purchases all of the gain/basis/tax rolls forward into the new property where it continues to be accounted for until realized or eliminated through a primary residence conversion or death.

I will try and keep this brief the situationbought 4 SFR on one lot (found portfolio lending it)  in dec of 14 for 235k all occupied but we will only focus on 2 right nowhouse Acurrent inherited rent 1100 for a 3bd good tenants pay reasonably on time by the 5th every month. semi retired been in the home for 7 yrs take really good care of the home and property but no longer need the three beds. now on a month to month with no rent increase over the same 7 yrshouse B inherited rent was 950 for a 2bd on turn over I rented it in one week for 1150 per month to a solid tenant. 

The other 5 acres has a 1500 sq ft 3 bed, 1 bath SF home in good repair with a 2100 sq ft metal shop (also in good repair) and then has 3 mobile homes separated a good ways from the house and on their own septics.  

What if your real estate empire was alive with self-managment and could live beyond you and your wife's death.  

I don't know how that situation would work.Generally, joint credit cards hold the borrowers jointly and severally liable, that's the risk you take getting into the credit bed with another person.

Responsible, credit worthy people don't want to do that.Yes, tax returns and bank statements showing consistent income for self-employed.Go vacant instead of getting in bed with a tenant that is going to make your life hell.

It took them less than an hour to move 6 kids and 5 adults into this 3 bedroom home, they own nothing of value, most of them don't even have real beds just a mattress on the floor!  

I looked at a park a few years back, where the owner was writing off huge chunks of his personal helicopter. last thing- owner financing can be great- or the kiss of death.