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Updated almost 10 years ago,
1031 Reverse Tax deferred Questions
So here is my situation. I am in contract on a 3 family home for $815k which I will be getting a loan and will be required to put down 25%($204k). Now I have another property(2 family) that was own for about 30 years and can easily get $650k for it. Since I will be purchasing the new property first and than selling the old property within the 6 month period. So my question is since I will be putting the down payment of $203k for the loan but than selling my other property for $650, what happens with the difference? Thanks