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Partial 1031 exchange question
Hi everyone,
I could probably figure this out eventually, but I'd like to get an authoritative answer. There's probably someone on here who can answer this in 2 seconds.
Let's say I bought a rental property for $400k and sold it for $500k. At time of sale, the mortgage balance was $300k. I take the net proceeds - $200k - and buy another rental straight up, no mortgage. My understanding is that this would be considered a partial 1031 exchange. What part of this would I have to pay taxes on and how much? Ballpark.
Thank you!