Going under on a 1031 after all is said and done

[Jonathan W.]

We recently finished a 1031.

I am just curious if anyone knows what happens if in a 1031 after you ID properties/go into escrow what happens if you are below the number you are suppose to hit. Obviously we went over but let’s say you do a 1031 for 1.0m and after expenses and everything, the cost come out to only 980,000 let’s say. So you are under 20 grand

What happens to that 20 grand left over?

I know the rules of a 1031 are pretty strict but I imagine that 20 grand left over just becomes taxable income/cash.

Anyone know?