1031 Exchange Details & Capital Gains

[Zach Lemaster]

Can someone who has experience with a 1031 exchange give me some details on the rules and process?  I've read/heard conflicting information.  Here's my specific questions:  What is considered taxable income?  Example: I buy a house last year for $100K w/ 25% down, and sell it this year for $105K, do I only have 5K of capital gains?  Can I record a loss if I sell it for less?  What are the rules on hold periods for rental units? (<1yr, >1yr, >3yrs)?  I've heard capital gains is different depending on how long a property is held.  Does the 1031 have to be exchanged for the same type of property (I plan on going from duplexes to single family homes in Chicago).  Time periods such as 45 day identification & 180 day purchase?  I know this is a lot!

Thank you all in advance for the assistance!