VH> I anticipated that when I bought the land -- and last year was offered
 VH> a nice profit.  I called my accountant, and he said "If you sell, the
 VH> buyer will have the land, and the IRS will have your profit." :-(
 
 Well, as you point out, there's the exchange option.  I don't know how
 often such a thing actually works out...
 And if you buy something as replacement you have the cost of the
 replacement to offset the gain.  Or perhaps a land contract with you as
 mortgagor might be an option.  Could even mean a premium to you.
 VH> You might work a trade -- if you can do that, there's no taxes
 The gain would be fairly small and would be offset against the NOL
 we're working on so tax consequence would be minimal.  The biggest
 issue is cash-flow.  I'm about at my limit so am real nervous about
 debt service.
 I may decide in another couple of months I'll have vacation behind me
 and the major portion of the re-hab I'm doing now to just go work for
 somebody for a short while -- that'll take cash-flow presssures off
 and I'll just ride this damn expanding marketplace hereabouts.
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