Hello and thanks for the help.

We wish to sell a land parcel in California that we split off from our main residence about 18 years ago. The parcel was worth about 200k 18 years ago. We wish to sell it say for 100K down and carry 350K with a balloon due in 5 - 7 years amortized over 30 years at approximately 5% interest. Since we can not boot up for a 1031 exchange, what is the best way to limit our federal taxes? Would the 100k down be tax free against the 200k basis?

Any and all advice is great appreciated..................Toronto