Partial 1031 Exchange
I’m selling a property right now for a long-term capital gain of ~$55,000. Am I correct in understanding that my 2019 long-term capital gains will be 0% up to $39,375 and my standard deduction (single) of $12,200 means that (assuming no other taxable income) I pay zero taxes up to $51,575 in LTCGs? I’m planning to use a 1031 exchange for all but $10,000 of the sales proceeds, which I would like to have available as discretionary cash immediately after closing. Will I pay any taxes on that $10,000 at all in this scenario: federal/state/local, and/or depreciation recapture taxes?