Question about 1031 exchange
I have a former residence (condo) that I held as a rental when i moved out about 15 years ago. About 10 years ago i refinanced the property to take cash out. Now I would like to sell it and purchase something bigger. Because of the refinance, my capital gain is significantly more than my equity. If i want to do a tax deferred exchange, even if I reinvest all of my current equity, will i have to pay taxes on the difference between the gain and the equity? Thanks.