Federal Tax

  • 1.  Sec 1031

    Posted 03-02-2015 10:59 AM
    I have a trust that owns a property basis $1M value $3M. They want to do a 1031 exchange. After the exchange they want to take out a $2M mortgage and use the funds for other investments. Will that trigger a gain?

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    Lawrence Greenstein
    Lawrence Greenstein CPA
    Port Washington NY
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