Tax rules for PARTIAL 1031
I currently have $830K being held by a QI at API in California.
PROPERTY SOLD
Farmland, no loans or leans.
Sold for $830K
Cash Basis is $200K
CASH OUT
$250K for paper investments
$20K to pay off debt
LIKE-KIND PURCHASE
Single Family or Multi-Family home(s) in the amount of $550K
?QUESTIONS?
What is my tax liability?
Will I be penalized for a partial 1031?
Does CA have any rules about having to purchase the replacement property in CA?