What am I left with after I sell or exchange my house?

[Tobey Humphries]

Hi Team,

I'm about to sell or do a 1031 on a home and I can't get a straight answer on what I'll be left with afterwards.  I definitely don't want to be blindsided come tax season.  I owe 200k and will be selling for 300k.  Could someone smarter than me explain/breakdown what I'll be left with to either re-invest (in the case of a 1031) or pocket (if I decide to go that route)?  What's the cost break down?  The property has been a rental for 15 years and I'll be using a real estate agent.  I've re-financed 3 times.  I use depreciation as a tax right off every year. 

1. If I sell the house and pocket the cash what will I walk away with and what kind of taxes can I expect to pay?  What's the cost beak down?  When do I pay those taxes?  Do I have to pay for all the years of depreciation?

2. If I do a 1031 exchange, how much will I have to re-invest?  How do I structure the deal to be a 1031 exchange and at what point do I need to address the sale from a tax perspective? 

You rock for giving the clueless a clue.  Thank you for your help in advance. 

Tobey