Can use a 1031 to Purchase a Property more than 100% More?

[Ian Loew]

I am in the process of selling my condo in Montclair, NJ, which I have owned for 14 years. Since 2012 I've been renting it. To avoid capital gains need to sell it by May 21, which is days away. (Taxpayer Relief Act of 1997created IRC Section 121) Thus the likelihood of making the cut is slim. My condo will most likely sell for $190k. May I purchase a property more than double in price ($400k) using a 1031? The property would be either a residential rental or used for our businesses (my wife and I are both small business owners).