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Updated over 7 years ago on . Most recent reply

Ryan F.'s profile image
Ryan F.'s profile image
Ryan F.
  • from Saint Louis, Missouri
  • Member since Apr 9, 2014
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Ryan F.'s profile image
Ryan F.'s profile image
Ryan F.
  • from Saint Louis, Missouri
  • Member since Apr 9, 2014
Connect
Ryan F.
  • Saint Louis, MO
1
Votes |
12
Posts
1031 Exchanges

Reverse 1031 exchange and mortgages

Ryan F.
  • Saint Louis, MO
Posted
I am doing a reverse 1031 exchange. I have already purchased the replacement property, and it is in the name of the qualified intermediary. Purchase price was 105k. It has a private mortgage on it of 100k. Mortgage is official, and was provided by a family member. The relinquished property has no mortgage and is being sold for 85k. Basis is about 15k. My question is can I keep the 85k that I will net from the sale in the bank? Or will I have to pay down the loan on the replacement property?
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