1031 Exchange
Got a property in VA that I'm considering selling via 1031. Intent is to buy something equal to or greater in NC, question, what short term liability do I owe to VA once transaction is complete? Only liability ( I believe) to VA would be if and only if I sold the new NC property at a later date? If sold at a later date I would owe capital gains and depreciation recapture to federal government and capital gains to VA and NC based off initial 1031 numbers and gain/loss on final transaction?