1031 exchange. Not full value - how is this handled?
- Relinquished property sales price $205k (original purchase price of $97k)
- Replacement property #1 - $170k sales price
Question: can I just be taxed on the difference or do I have to exceed $205k in replacement propertie(s) to receive ANY deferral?
Perhaps I'm not asking it right because I'm getting looping answers between my lawyer/CPA/intermediary. I prefer to not buy another as my home market is sky high. Thanks in advance!