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Hello, Im Rusty Tweed, President of TFS Properties, Inc. (formerly TaxGuard1031). Today were gonna be talking about replacing the value of your property when doing a 1031 exchange and also a very important component - replacing the debt on the property you sold. So lets take an example: here we have a property for 1 million dollars with four hundred thousand dollars of debt. When we buy our new property or properties because we can buy more than one, the total fair market value of the properties that were buying have to be equal to or greater than the 1 million dollars of the property that you sold Alright, so in this case were buying $500,000 property and then another 700 thousand dollar property. Now the $500,000 property were gonna have 250 thousand dollars of debt and on the 700,000 our property we have three and fifty thousand dollars of debt. Now if we take the total value of the two properties $500,000 + 700,000 that gives us 1.2 million - thats greater than the 1,000