DEAR BOB: I am doing a tax-deferred exchange of two properties I own in South Dakota. One property has a $40,000 mortgage. The other is free and clear. The replacement property is in Florida. I recall reading in your articles that to defer my profit tax I must trade equal or up in both value and mortgage debt. If I do not have a mortgage on the Florida replacement property, will I be creating a taxable situation? – Larry J.  more...