Confused & Overwhelmed on 1031 exchange...

[Michael Little]

I have trying to absorb what I am reading here... as well as other places and feel overwhelmed at the amount of information out there.. and I don't want to do this wrong.  I sold a home in NC that was a rental from 2006 until this year.  What I wanted to do is roll that profit into a new home in CA with the hopes of avoiding/deferring the taxes on the profit.  I have been told by some that 1301 doesn't apply to me.. and others say I can still do it.  I just don't want to do it wrong and get penalized.  is this applicable to me or is there another way to do this?  What more information do y'all need from me?  

Thanks in advance. 

Mike

[David Krulac]

@Michael Little

Is it a personal residence?  if so can't do a 1031, which is only for investment property.

If it is an investment and you already settled and got the proceeds, its too late you got the money can't do a 1031.