I don't know much on the subject, so I thought I'd ask.
We have a rental property. Paid off. Been rented out for 8 years. I'd like to part ways with it. Initial thought was 1031, but I'm curious if there's a workaround that would allow me to either gift it or quit claim it to a 3rd party (good, trusted friend), and then sell, and then transfer $$$ back over to me. The idea behind it would be to step up the basis and remove the depreciation recapture.
Doable?