A bit of a backstory.  A couple of years ago following the death of my father, my mother transferred ownership of a property in another state to me and my wife by way of quit claim deed.  I did not put much thought into it since it was only a few months after my fathers passing and had a lot on our minds and plates.  

Flash forward to now.  My wife and I are part owners in a real estate investment company that has 5 properties (3 are in Maryland, 2 are in Oklahoma).  We are in the process of renovating a property to move my elderly mother into here in Maryland.  That now leaves me with the issue of managing the property in Oklahoma that she is moving out of.  We have now realized that we will be getting hit with a capitol tax gain on the property that was deeded to my wife and I.  I know the obvious route of 1031 but just curious if anyone has any other "out-of-the-box" ideas on how we could avoid these taxes.  We were really hoping to sell the property in Oklahoma and drop the net proceeds into this house in Maryland but we already purchased this house in Maryland because I needed the time to complete the renovations.  With that, we are looking at listing her current property in spring summer 2024 which means we would have owned this house in MD for over aa year so a reverse 1031 is not even an option.

Assuming some of the answers will be to just 1031 it into yet another property.  I have also thought about deeding it back to my mother but I honestly do not know what the tax implications would be then either.

Any ideas will be greatly appreciated.