We have a vacation rental house in Hawaii that we are considering doing a 1031 exchange for another vacation rental. It is customary there for houses to be sold/bought as turnkey, with all furnishings, dishes, etc. From a tax perspective, I think the furnishings should be treated as an additional sale, but logistically that can get a bit complicated. Furniture is depreciated on different schedules if bought at separate times. Kitchen items, barbecue, etc. were simply expensed when purchased. Is it possible to exchange a furnished house for another furnished house and consider the entire thing as exchanging like for like? Or is it possible for tax purposes simply to forget about the furniture and "give" it to the new buyer? There must be a simple way to do this.
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