1031 Exchange. Net profit or capital gains?

[Jeremy Keone]

When purchasing the “replacement” property, do we need to purchase a property equal to or more than, the Capital Gains or the Net proceeds?

Sell “relinquish” property: $287k

Loan balance: $115k

Commission, fees: $15k

Purchase price: $103k

Any info would be much appreciated. Selling in Hawaii. Purchasing a property in Utah. 🤙🏾

[Bill B.]

Anything less than $272k is profit taking. “Boot”   ($287k sales price minus any “sales costs”)