If this is investment property, you may be able to do a section 1031 "like kind exchange"
But it would be advisable to follow Revenue Procedure 2008-16 and that requires owning the relinquished property for 24 months before the 1031 exchange AND owning the replacement property for 24 months after the exchange among other requirements. That ownership period for the relinquished property might not be possible if the property is inherited and a quick sale is necessary or desired.
