1031 exchange:
Sale Repurchase

I live in Japan. I have been here for 7 years. I have a townhouse in California that I have a loan on. I'm building a home in another part of the state and have taken a 2nd out on my town house to finish paying off the new house. I would like to sell the townhouse to complete payment on my new house. Do I have to pay capital gain tax.

From,
G.

Dear G:Unfortunately your question can be answered in one word. YES. Remember gain realized and size of mortgage have little or nothing to do with each other.

Sincerely,
Steve Hickox
Attorney / President

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