1031 exchange debt paydown

[J Richardson]

I am doing a 1031 exchange (nearly simultaneous, closings 2 days apart). I have a mortgage on the relinquished property but also borrowed some funds against my personal HELOC for improvements, etc. Can I show paying off (or, paying down) the HELOC as part of the sale of the relinquished property without being taxed on those funds? I.e., can I show a line item on the settlement statement that is a reduction to the HELOC ("payoff") without it being viewed as taxable boot?