USA Tax liability on 1031 Exchange with "Boot"

Sep 18, 2021
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United States
I sold a rental house in Colorado for $397,000 and purchased (thru 1031) a rental house in North Carolina for $286,000. That worked smoothly, however, after expenses I ended up with $89,000 in cash (the "boot") The original price for the CO rental was $95,000 and I took $30,000 in depreciation on it. This all took place thru a two person Llc partnership so that, basically, all these figures would be divided in half. I and my partner each earn $14,000 per year in regular income.

Questions are:

1- Will there be any Federal Tax due for each partner?
-How is it calculated?
2- What will the Colorado Tax be?
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