Do you have single family rental property purchased years ago with big gains? It may not be convenient, but if you and your spouse move in and live there for 2 years, you can then sell and avoid tax on the first $500,000 of gain ($250,000 for a single taxpayer). In fact, you could unload a whole portfolio of rental houses and possibly do so tax free by living in each for 2 years before selling.
Own an apartment building that you no longer want to care for and you want to go live in France for a year? You can exchange it for any other investment property, such as ownership of say a McDonalds location. Under a triple net lease, McDonalds (or the franchisee) take total responsibility for the property. Your monthly rent check can be deposited in your bank account as you travel through the Bordeaux region. (Note: When you exchange real estate, you do not actually exchange one property for another. You sell your property and those funds go immediately into escrow for the new property you are purchasing. Such an exchange is tax free).
Or maybe it's time to get rid of that 500 acres of farm land that doesn't make any money. You can donate it to a charitable trust and as the trustee, sell it tax free. Then you can invest the money as you see fit in stocks or bonds, receive an 8% lifetime annual income and have the property out of your hair and out of your estate. (And at the same time create a nice donation for your favorite charities when you pass on and a nice tax deduction for yourself).
The tax rules are very liberal when it comes to real estate. It's easy to harvest profits and pay no tax in many situations. If you have property that you'd rather not own, check off on the coupon for our real estate evaluation sheet so that you can explore your options.