1031 Exchange mortgage boot capitol gains tax hit calculation

[Kevin C.]

Hello guys,

Just wondering if anyone can help me out here. Just about to close on a property soon and was wondering what my tax hit will be under these circumstances on a sales of a Los Angeles multi family property.

Original Purchase price: 575k 

Sales Price: 1,330,000

Settlement cash: 940k

Depreciation: 85k

If I did a 1031 exchange and used only 940k how much taxes will I owe the IRS? If I am not mistaken is it 1,330,000 minus 940k = 390k?

Capitol gains tax on 390K? 

What if I got a loan for 250K and total reinvestment value was 1,190,000. Leaving a mortgage boot in the amount of 140k. Is the capitol gains taxed on simply that amount? 140K?