International sale to 1031 exchange back to America

[Jeff Piscioniere]

I'm honestly not sure what forum category to post this so I will start here, and thank you in advance for any directioning and assistance. 

My wife's childhood home in the Philippines is now in her name and it is sitting idle there doing nothing.  Her cousin who is successful there including in real estate was explaining that there is a possible great opportunity with the property.  In a nutshell it will be worth knocking down the home and rebuilding possible multiple residential properties including more floors.  Bottom line it could be a huge return.  My wife and I have no interest in holding real estate in the Philippines and the thought is to build then sell and if possible complete a 1031 exchange back to America where we would like to further pursue our very successful business of vacation rentals in Gatlinburg, TN, or really elsewhere I suppose where in the US doesn't matter.  My question is whether it is possible to complete a 1031 exchange from international capital gains, what the tax exposure is, and whether or not where a property in the US is purchased matters, i.e. TN or in CT where we live?

Again thank you greatly!

Jeff Piscioniere