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1031 Exchanges

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Dustin Beam
  • Kansas City, MO
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609
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Pulling out initial down payment...taxed?

Dustin Beam
  • Kansas City, MO
Posted Jan 11 2018, 07:12

Hello beautiful people of BP,

So, I'm no CPA, but it would seem that if I do not apply my original down payment on a property towards the new purchase, it would not be taxable as it wasn't actually a gain. So if I originally bought a $100k property w/ 20% down, I should be able to pull out that $20k after the sale and not be taxed on it. 

Anyone know if that's kosher with our friends at the IRS?

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