1031 exchange question

[Brandon Holtzinger]

Is there anybody in the DFW, Texas area that has done a 1031 exchange. I am about to sell my only rental property, but I am going to buy another one. I owe about $60,000 and I am selling for $90,000. I would hate to get taxed on the $30,000.

I just want to get the details on how to do the 1031 exchange right.

[Nick B.]

@Brandon Holtzinger, what capital gains do you have in this property if you sell it for $90K? It does not matter what you owe on it. What matters is the difference between your purchase price  and your sales price net of all expenses.