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Level 4
December 7, 2019
Solved

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.

  • December 7, 2019
  • 3 replies
  • 42 views
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Best answer by sjrcpa

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

3 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

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

The more I know the more I don’t know.
IRonMaN
Level 15
December 7, 2019
Not exactly a like kind transfer if you get cash :smile::smile:
Slava Ukraini!