Multi-property 1031 exchange

[David D'Ambrosio]

Can someone give me some guidance about what happens after the 1031 exchange is completed and you subsequently sell the house?  In this case, I sold one home and exchanged it for 8.  I am now thinking about selling one of the 8 and Im not sure how to allocate the capital gain deferred from the exchange to the one house I am selling.   Is it just divided by 8? does it depend on how much cash was used from the exchange?  The reason this is an issue for me is that I think I can use suspended losses from other real estate to negate some of the capital gain from the exchange if its divided by 8 and then I could just decrease the basis all together.  Alternatively if this strategy didn't work i would have to do another 1031 with this property even though its disposition will not result in a  real gain from what I paid for it.  Hope this is clear.