1031 exchange:
More on Capital Gains
Comments: I have a property that is worth 300k and originally paid 29k.This leaves a 271k gain. Question: Can I pull the 29k from the sale without being taxed.
The general rule to fully defer capital gain in a 1031 exchange is that you must trade equal or up in value and in equity. Equity is created by your down payment, gradual reduction in loan amount and appreciation. When you sell it doesn't matter how the equity is created, if you take sale proceeds out it will be treated as taxable capital gain and not as return of your original investment. Sorry.
Sincerely,
Steve Hickox
Attorney / President
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