thanks TaxGuyBill, how would my case be different than the following...
Buy a property with intention to rent but first making necessary repairs to bring it up to acceptable condition prior to seeking renters. You seem to suggest the repair expenses prior to advertising for rent can not be claim as loss (only increase basis) even if the intention is foe rental.
Is this understanding correct?
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thanks to TurboTaxKrisD, house has over $700k cap gains and my exclusion is only $250k (single exclusive owner) Thus like to 1031 defer cap gains if possible. Also like to hold property until my passing (I'm 73 yo) to get stepped up basis and eliminate all depreciation recaptures.
