Question about 1031 exchange

[Dennis Cronk]

I have a former residence (condo) that I held as a rental when i moved out about 15 years ago.  About 10 years ago i refinanced the property to take cash out.  Now I would like to sell it and purchase something bigger.  Because of the refinance, my capital gain is significantly more than my equity.  If i want to do a tax deferred exchange, even if I reinvest all of my current equity, will i have to pay taxes on the difference between the gain and the equity?  Thanks.