I've heard that I can sell my rental property and use the proceeds to purchase rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold. Is this true?

I've heard that I can sell my rental property and use the proceeds to purchase rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold. Is this true?
Frequently Asked Questions

We have incurred costs for substantial work on our residential rental property. We replaced the entire roof with all new materials, replaced all the gutters, replaced all the windows and doors, and replaced the furnace. As a result of these replacements, we painted the property’s exteriors. What are the IRS rules concerning capitalization and depreciation?

We have incurred costs for substantial work on our residential rental property. We replaced the entire roof with all new materials, replaced all the gutters, replaced all the windows and doors, and replaced the furnace. As a result of these replacements, we painted the property’s exteriors. What are the IRS rules concerning capitalization and depreciation?
Frequently Asked Questions

I am filing my 2024 U.S. tax return from a foreign country and am eligible for the automatic 2-month extension. Does the IRS need to receive my return by June 15th, 2025, or can it just be postmarked by June 15th, 2025?

I am filing my 2024 U.S. tax return from a foreign country and am eligible for the automatic 2-month extension. Does the IRS need to receive my return by June 15th, 2025, or can it just be postmarked by June 15th, 2025?
Frequently Asked Questions