Can use 1031 to offset just part of the gains?

[Chris Laughary]

I’m finally selling our first rental property. It was originally our family home but we had to rent it out for 10 years until we had enough equity to make it worth selling.

 I’m finally selling our first rental property. It was originally our family home but we had to rent it out for 10 years until we had enough equity to make it worth selling.

Now it looks like we will have $75,000 profit. We cannot afford to invest 100% of that in another property so that means we’re not eligible to use a 1031 exchange, right?