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1031 Exchanges

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Matt Smith
  • San Francisco, CA
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161
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Partial 1031 exchange

Matt Smith
  • San Francisco, CA
Posted Feb 2 2016, 15:40

I am planning to do a partial 1031 exchange but I am confused.

- I thought the rules were that in order to do a 1031 exchange I need to buy a property of at least the SAME (or more) value of the net sale of the previous one. Is it true? If not, then I "just" have to pay taxes on the difference (net sale of the old home minus purchase price of the new home)

- Can I use the closing cost amount of the old and new home as part of the tax free money I can spend from the 1031 exchange or these closing cost are purely out of pocket amounts?

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