Partial 1031 Calculations

[Nick De Cristofaro]

Hi all,

Hoping some 1031/tax experts can help with some questions/verify my assumptions.

I've been looking at calculators online to try to estimate my boot doing a partial 1031 exchange. I've completed one property exchange in my 180 day window, but I haven't yet decided if I'm going to purchase another replacement property from my identified list. As a result right now I'm going to have a boot amount. 

A couple of questions on the calculations (I've been using this calculator). 

1) I assume the recognized gain is the change in equity + debt? In other words in my current exchange, I am shy of $50k in debt from my replacement property, and the property I purchased is also $130K less than the one I relinquished. In cases like these it seems the taxable boot is the $130K amount. I believe that is correct since the $50k would be included as part of that original amount and that isn't treated as *additional* boot?

2) How would I calculate deprecation recapture in a situation like this? Do I pro-rate the total amount of depreciation I claimed on the relinquished property with the replacement property and proportionally allocate that for what I'd pay in boot? i.e. 78.3% of the relinquished property was used for the exchange, so I'd be on the hook for 21.7% of the depreciation recapture?

3) If the relinquished property was in California, do I have to calculate CA state cap gains tax on the boot even if I am no longer a resident?

Thanks!

Nick