For an 1031 exchange, let's say I am selling a property for $200,000 (no mortgage). I have closing costs, commissions (12,000), etc. Let's assume the end result will be maybe $180,000.
Is $180,000 the amount I need to buy the new property for?
Or do I have to come up with the difference, which would be an extra $20,000?
Thank you!
