How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask PDtax Your Own Question
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4099
Experience:  35 years tax experience, including four years at a Big 4 firm.
64119565
Type Your Tax Question Here...
PDtax is online now
A new question is answered every 9 seconds

Exchanged property that has similar equity One property has

Customer Question

Exchanged property that has similar equity
One property has no mortgage
Second property has a mortgage
Both properties are rental
What is the tax liability of the exchange
Submitted: 8 months ago.
Category: Tax
Expert:  PDtax replied 8 months ago.

Hi from just answer. I'm PDtax. I'll assist.

Expert:  PDtax replied 8 months ago.

A 1035 like kind exchange allows this exchange to be tax free, as there is no boot ($) involved.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

Expert:  PDtax replied 8 months ago.

Sorry, 1031, not 1035.

Expert:  PDtax replied 8 months ago.

And the assumption of additional debt is not considered boot.

Related Tax Questions