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Can you use some of the proceeds from a 1031 exchange on a rental residentials bldg. to pay off a parent plus student loan with no tax being charged to taxpayer.

corinnerichard
Level 3
 
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sjrcpa
Level 15

No. That would be boot. Gain to the extent of boot received is recognized.


ex-AllStar

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sjrcpa
Level 15

No. That would be boot. Gain to the extent of boot received is recognized.


ex-AllStar

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IRonMaN
Level 15
Not exactly a like kind transfer if you get cash :smile::smile:

Pot Stirrer Gold Medalist - Rio de Janeiro Games
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Marc-TaxMan
Level 8
Boot is taxable.
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