All Forum Posts by: Kenneth Dahle

I guess I should amend my post to include 'gals' along with guys.  I have always used guys in a colloquial sense to be inclusive of women and 'others'.  I love and thrive on diversity. 

I have been looking but can't seem to find a definitive answer on this question of the tax consequences on a partial 1031 exchange.

I sold a rental property in Colorado for $397,000 and purchased (thru 1031) a rental property in North Carolina for $286,000. That worked smoothly, however, after expenses I ended up with $89,000 ("boot") in cash in my pocket.   The original price for the CO property was $95,000 and I took $30,000 in depreciation on it. This all took place thru a two person Llc partnership so that, basically, all these figures would be divided in half. Each partner earns $14,000 per year in regular income.

Questions are:

1- Will there be any Federal Tax due for each partner?
2- What will the Colorado Tax be?

Does anyone have the answer for this kind of situation.  

I appreciate it.

I'm in Asheville, NC and looking for a smart RE tax guy who can consult with me on a little bit complicated 1031 Exchange.  

I sold a rental in Colorado for $397,000 and purchased (thru 1031) a rental in North Carolina for $286,000.  That worked smoothly, however, after expenses I ended up with $89,000 in cash (the "boot")   The original price for the CO rental was $95,000 and I took $30,000 in depreciation on it. This all took place thru a two person Llc partnership so that, basically, all these figures would be divided in half.  Each partner earns $14,000 per year in regular income.  

Questions are:

1- Will there be any Federal Tax due for each partner?
2- What will the Colorado Tax be?  

But really, can anyone recommend an RE Tax consultant in Asheville area that really knows their stuff and has reasonable fees?