my 1031 exchange #'s & ?

[Robert Granara]

hello, im doing my research on the 1031 exchange...

my #'s: i purchased a 3 family for $215K and owe $209K...i put $30K into it and have it under agreement for $300K

when the atty sets up the 1031 and we close on the property what amount goes into the 1031 account?...is it just the gain of $55K or do all the proceeds $91K ($300K sale price - $209K mortgage)

thanks