Tax on Boot for 1031 Exchange

[David Ellis]

I have another question for the group. I want to know how the boot will be calculated for  buying a replacement property that  is less than the sold property. For instance, I bought a property 10 years ago for $155,000. I'm now selling it for $165,000. I will net about 60k from the sale. I want to buy a property for $100,000. I know that is less than the property I sold so I will have to pay tax on the different. My questions are, how do I calculate the "boot"? What tax is applied to the boot? Is it just my normal tax rate? Do I pay any tax on the depreciation when I'm taxed for boot? Thanks for your help.

David.