How to determine if a 1031 exchange is the right thing to do??

[Chris C.]

Hello all,

I bought a property in 2019 for $8k.  I put in $52k so I was all in at $60k.  I refi out and pulled out $74k.  I just sold it for $125k.  After i pay off loan, realtor,etc. I will walk away with $30-$35K.    Which on the $30-$35K I would have to pay $7k in capital gains.   Would i be a candidate for the 1031 exchange or is it more for someone who will profit more?    Any feedback would be greatly appreciate.

Thanks

Chris

[Chris C.]

#1 - is a yes.  #2 . I will speak to my accountant but I'm thinking yes to both.   Thanks