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The general guidelines to follow in order to defer all the taxable gain are:
The debt on the replacement property must be equal to or greater than the debt on the relinquished property. If the debt on the replacement is less then then that portion would not be deferred.
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Thank you for your response. Must the 1031 meet ALL of these guidelines or just one or a couple of them?
It must meet all.
Any amounts that do not get used for replacement would be taxable. So not meeting does not mean it is not 1031 but would mean that protion would not be deferred under 1031.