If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Many don't recognize the various alternatives available to do a transaction while they study the basics of RE, it's not obvious but you need to apply some creative thought to the materials presented to open your eyes to the possibilities of what can be done.I also suggest you attack RE from the conventional front first and not from the unconventional investor strategies as there can be some confusing issues.

You do report all your Schedule E income and expenses for the property on your tax return for the year of sale, and, if the sale is completed this year, you get to recognize all of the suspended loss (if any) that was carried forward from previous years.  

I recognize that this is my fault and don't want to create a hassle for the tenant. 

You will pay tax on the recognized gain which if you follow option 2 will be the difference between the adjusted cost basis of the last property and it's net sales price. 

Hope you'll get around to putting up a nice photo for your avatar....maybe you'll recognize mine.

But last year my income source changed to cap gains and the banks don't want to recognize the income...  

There are other approaches that could be considered, such as a deferred sales trust, although that ties one's money up in a non-liquid fashion, capital gains are recognized gradually over time, and the plan has some ongoing costs and hassles. 

I can recognize no brainers when i see them ..