1031: lower cost replacement property

[Carl N.]

I am trying to understand what my potential tax implications would be in this example scenario.

1st property purchase:

$600k with $150k down 

Sold for $932,500

2nd property:

Purchase price $1,925,000

$385k down  

Sold for $2.25m  

Now let’s say I want to get a smaller property after that. Maybe $750k. 

What is my tax exposure and how do I calculate it?