my friend and i never had a contract. there is no buyout needed. from my reading, i understand that this should make the 1031 a little easier. we have split costs, taxes, etc 50/50 for the duration of the ownership.
for the boot, how does that work for depreciation recapture?
for example, if the difference in purchase/sale price between new/old property is -$100k, would you just pay 15% (cap gains) on that $100k, or would there be some percentage of it that's also depreciation recapture?