1031 Exchange-FL Sale Invest Property to TX Invest Property
BP Family,
Seeking some unofficial advice and definitely plan on validating with a CPA before execution. I have a property in Florida that i am trying to avoid paying CGT on. I would like to do a 1031 exchange and purchase another investment property in Texas. The property in Florida will sell for about $200K and i owe about $100K on it. My plan is to take those gain and purchase another investment property in Texas for about $100K. Since i am taking the gains and putting the complete amount into another investment property, will i meet the requirement of the like kind exchange? Any advice on this would be very much appreciated. THANK YOU IN ADVANCE!