larger 1031 equation question

[Tom Gdovin]

selling a property for 2.7M.   

book value 750K 

cap gains tax rate 21% 

 owe 1.4M so if I cash out i owe 411,000 taxes. 

I have rolled several properties over the years with 1031 but am getting tired of what I'm doing . can you say burnout?

That's the scary part.

So my question is if I buy something for 1.35M or half of the sell value and use all the cash for down payment so I don't take a boot.

What is my taxes then? Now I have no cash to pay them.

Do i deduct the total book value or is half going to each side of the equation?

Hope this makes sense to you  .

[Wayne Brooks]

I believe the 1.35M lower priced replacement property, will be considered 1.35M boot, by way of reduced mortgage, even though you reinvested all the cash, so cap gains//recapture on the 1.35M.

@Bill Exeter  ??