What are the general guidelines to follow in order for a taxpayer to defer all the taxable gain?

The value of the replacement property must be equal to or greater than the value of the relinquished property.

• The equity in the replacement property must be equal to or greater than the equity in the relinquished property.
• The debt on the replacement property must be equal to or greater than the debt on the relinquished property.
• All of the net proceeds from the sale of the relinquished property must be used to acquire the replacement property.