Depreciation and 1031
Someone gave me some advice that sounded too good to be true so I want to verify.
If I own a home for 27.5 years and have taken the depreciation expense every year, then I sell the house (for easy numbers let's just say at the buying price) and buy another one in a 1031, he said that I won't pay capital gains and can start depreciating the new house all over again for ANOTHER 27.5 years. Is this right or do you get 27.5 years total between the two houses when you do a 1031?