Partial 1031 - New York City
Hello,
I am planning to selling my investment property in NYC
cost $721,000
est. selling price $1,000,000
mortgage left $350,000
accumulated depreciation $100,000
And buy an investment property with a value
$400,000
The remaining money I have I want to help to buy a primary residence which as my parents are getting older and I have decided to get a duplex (two-unit) house to have my parents live in the unit.
I have heard that it is better to do a 1031 with same or larger value and then to do a cash out refi ....
It would be great if you could help me figure out how much my tax liability roughly would be if I do this partial 1031 with much lower value.
Thank you in advance!