1031 exchange - Tax Florida

[Paweł Wojnicz]

Hello,

Can someone help me. I have 4 houses in Florida. One of them I want to sell and buy next house. 

I want to do it as 1031 exchange and I have few questions can someone help me? Thanks so much!

My purchase price was 380K I will sell house for 520K - commissions etc 495k for me. I put in renovation of the house around 40k. For how much I need to buy new house to don't pay tax? All was paid by cash. 

Do I need to buy it for 495K or just for difference amount that I earned from it