Make sure tax payer for the old property is the same as tax payer for the new property - ??

I was thinking about perhaps converting one of my rentals into an Airbnb.com spot.But before I do anything stupid or out of the ordinary I wanted to do a little research and find out if anyone else has done this and what are their results?

There are also cases where the holding period has been years, but the 1031 Exchanges were disqualified because the taxpayer's true intent was to hold for sale and not for rental/investment. 

., Any tax paying entity can perform a 1031 exchange.  

If your intent is to fix and flip the net profit is taxed as ordinary income. 

So the attorneys look for them during title search and require that they be paid off at closing.I'm not sure how Trustee Deeds work in your state but from  what I've seen in the quiet title cases that I've studied, the IRS will typically release their lien on the property and allow the quiet title to move forward while reserving their right to lien upon the remainder of the taxpayer's property.

According to the IRS website: "The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.

I don't think Jeff was describing taking depreciation against one's regular income.Regarding my second question, one builds up 'excess deprecition' which is depreciation in excess of what is taken against rental income, but that cannot be used to offset your ordinary income (because you earn >$150k, for example).

Anything beyond that creates a passive loss, and most people are limited in how much passive loss they can use in the current year.Someone who qualifies as a ‘Real Estate Professional’, does not have the passive loss limitation, and can use those extra deductions to offset ordinary income as well.

If you hold a house for 6 months, shouldn't you only be responsible for 6 months of tax payments?