Minimum replacement value
Equity to reinvest
Debt to replace
Implied LTV to match
Buying below the target value or reinvesting less than all equity does not fail the exchange — it creates a partial exchange, with the shortfall taxed as boot.
This calculator is a simplified educational illustration, not tax or investment advice. It uses the figures you enter and standard federal rates without your full tax picture (basis adjustments, carryforwards, AMT, state specifics, and filing details are not modeled). Actual results are determined by your tax returns as prepared by your CPA. Review the PPM for any investment you consider and confirm every figure with your CPA and attorney before acting.