1031 question
I have an investment property which I'm thinking of selling, its worth approx $900k, I paid $480k, and owe approx $300k. I was thinking of doing a 1031 exchange, but confused whether I need to buy another $900k property to qualify or I can buy a property at $600k instead. I heard that it should be same or greater value and you need to have a greater mortgage, but also heard that you can do the exchange and pay taxes on the difference.