1031 Exchange Primary residence

[Nimit A.]

I have a question for which I couldn't find the answer to easily. I am in the current situation:

I bought a property for x in CA and now the property is worth X+y where y is >> 500k therefore I have to pay a lot of taxes on the profit (I am married so the tax exemption should be 500k). My question is this- what if I rented out the property for a year, 1031 exchanged the property into another one and then started living in the new one; would I have to pay any taxes? Or would I have avoided the extra tax that I would have incurred over the 500k?