1031 Rules - purchase price or profit?

[Mindy Jensen]

I've never done a 1031 personally. Would absolutely get someone qualified involved. That said, I have a client with a condo she bought for $100k and is now selling for $190k. In order to comply with 1031 rules, does she have to purchase a new property for $190k, or does she have to purchase only for the profit she made, which would be $90k.

Numbers and scenario are for the sake of simplification. I know there is a tight timeframe in which to choose a new property, specific dates to close, etc.