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Updated over 6 years ago,
1031 Question/Capital Gains
I own a property I bought for $250K that's now worth $500K. I have an offer for a combination of $200K cash and $300K in 1031 exchange property. Question- How will this affect my capital gains? Since the $200K is no larger than the cost basis, and the rest is a 1031 exchange, am I correct in assuming I would not owe any capital gains tax? Thanks in advance.